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EU gas storage facilities could head into winter with their lowest stocks in 15 years

Stanislav Sereda
Stanislav Sereda Journalist
EU gas storage facilities could head into winter with their lowest stocks in 15 years
EU gas storage facilities
The European Union risks starting the heating season with critically low gas reserves, which could trigger a further surge in energy prices.

This is according to the Financial Times.

According to a forecast by the analysis firm Wood Mackenzie, by the end of the injection season – which traditionally runs from April to October – EU storage facilities may be only 76 per cent full. According to data from Gas Infrastructure Europe, this would be the lowest peak storage level in at least 15 years. The season began with storage at just 28 per cent capacity – a consequence of the cold winter – and the current average stands at around 48 per cent, which is below the comfortable level for this time of year.

An additional source of pressure has been disruptions to liquefied natural gas (LNG) supplies due to the armed conflict between the US and Iran: around a fifth of global LNG exports usually pass through the Strait of Hormuz, whilst the hostilities have also reduced production in Qatar and the UAE.

Although European gas prices surged sharply following the US and Israeli strikes on Iran in late February, they subsequently stabilised – and are now not attractive enough to actively draw LNG tankers to the European market.

As a reminder, First Deputy Prime Minister and Minister of Energy Denys Shmyhal previously stated that Ukraine plans to restore 54 GW of generating capacity by 2035.

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