The European Union’s natural gas storage is now 95% full, according to data from Gas Infrastructure Europe, as the bloc prepares for the upcoming winter season. This milestone comes after the EU achieved its target of 90% storage capacity in mid-August, well ahead of its November 1 deadline.
In August, the EU reached its goal of filling gas storage facilities to 90% capacity, hitting the mark 10 weeks before the deadline. This progress mirrored last year’s achievement, when the EU met its storage goal on August 18, according to a European Commission statement released two months ago.
Currently, with the heating season approaching, EU storage levels stand at 95% capacity. While slightly below last year’s figures, storage levels remain higher than the 2017-2021 average, as well as the 2022 levels. Major gas markets like Germany and Italy have filled more than 97% of their storage capacity, while Austria, still reliant on Russian pipeline gas, has its storage at 93.73% full.
Despite these high storage levels, they are not enough to meet Europe’s full gas demand for the winter. The stored gas volumes are slightly lower compared to last year, largely due to fewer incoming liquefied natural gas (LNG) shipments.
As Europe braces for winter amidst uncertainty about continued Russian pipeline gas flows, LNG imports have surged in recent weeks. With more LNG cargoes arriving in Europe, supply concerns could ease, but gas prices are expected to rise due to increased seasonal demand and competition for LNG supplies between Europe and Asia.
Adding to the price pressure, the ongoing conflict in the Middle East and fears of further escalation are already driving up natural gas prices in Europe.
On Monday, Dutch TTF Natural Gas Futures, Europe’s benchmark for gas trading, rose by 2% to $43.42 (40.00 euros) per megawatt-hour (MWh) at 12:42 p.m. in Amsterdam, reflecting the mounting supply concerns.
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