Europe has been burning gas from reserves at the fastest pace in seven years as cold temperatures have sent heating into overdrive.

The gas reserves are still 70 percent full, up from 86 percent a year ago. There is no risk of natural gas shortages.

However, replenishing the stocks before the next heating season is becoming more challenging, which could impact gas prices in the short term.

Temperatures are dropping in large parts of Europe, driving demand for natural gas. The gas market is still very volatile, especially now that no Russian pipeline gas flows to Central Europe via Ukraine.

A transit contract expired at the end of December. As a result, Europe is increasingly dependent on liquefied natural gas (LNG).