Lakes contribute 9%-19% of global methane (CH4) emissions to the atmosphere. Dissolved molecular oxygen (DO) in lakes can inhibit the production of CH4 and promote CH4 oxidation. DO is therefore often considered an important regulator of CH4 emissions from lakes. Presence or absence of DO in the water above the sediments can affect CH4 production and emissions by (a) influencing if methane production can be fueled by the most reactive organic matter in the top sediment layer or rely on deeper and less degradable organic matter, and (b) enabling CH4 accumulation in deep waters and potentially large emissions upon water column turnover. However, the relative importance of these two DO effects on CH4 fluxes is still unclear. We assessed CH4 fluxes from two connected lake basins in northern boreal Sweden where one was experimentally oxygenated. Results showed no clear difference in summer CH4 emissions attributable to water column DO concentrations. Large amounts of CH4 accumulated in the anoxic hypolimnion of the reference basin but little of this may have been emitted because of incomplete mixing, and effective methane oxidation of stored CH4 reaching oxic water layers. Accordingly, <= 24% of the stored CH4 was likely emitted in the experimental lake. Overall, our results suggest that hypolimnetic DO and water column CH4 storage might have a smaller impact on CH4 emissions in boreal forest lakes than previous estimates, yet potential fluxes associated with water column turnover events remain a significant uncertainty in lake CH4 emission estimates.