Despite considerable efforts in recent months to reduce gas demand and purchase liquid natural gas (LNG) on the global market, the supply situation for natural gas in Europe remains tight. The aim of this analysis is to analyze the (expected) balance of gas supply and demand over the course of the gas year 2022/2023. The analysis shows that in the event of a disruption of Russian gas supplies in a climatically “normal” winter, gas volumes in Europe will be sufficient to meet the expected demand. The storages would have to be emptied to a historical minimum, which could lead to local supply shortages and make it difficult to replenish them for the winter of 2023/2024. Therefore, additional demand reduction efforts are necessary to secure gas supply both for colder weather in the coming winter and in preparation for the following winter.