‘Winter panic’: EU gas stores at their lowest level in 13 years
Summary
Europe’s gas storage levels are the lowest in 13 years as the region prepares for winter. This is causing concern about higher gas prices and market instability due to reduced gas supplies and increased demand.Key Facts
- EU gas stores were 63% full at the end of August, below the 80% average for that time of year.
- Gas storage levels are expected to be about 20% below the five-year average entering winter, the lowest since 2013.
- The UK has almost no gas in storage and depends heavily on gas imports by pipeline and ship.
- Disruptions caused by the US-Israel conflict with Iran have reduced oil and gas exports from the Gulf region.
- A cold end to last winter and higher gas use for electricity during recent heatwaves have drained gas supplies.
- Gas prices in Europe have risen to a three-year high, reaching above €68 per megawatt-hour, more than double the price from earlier this year.
- Europe may need very high gas prices to compete with Asian buyers for liquefied natural gas shipments.
- Some Western European countries have gas storage levels around half full, while others like Italy and Poland have over 80% full.
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