Europe enters winter with its lowest gas reserves in 13 years - The Guardian
Kyiv • UNN
EU gas storage facilities are 63% full, compared with an average of 80% at the end of August. Germany has about half of the reserves, increasing the risk of shortages.
Europe is entering winter with its lowest gas stocks in 13 years. This has caused "winter panic" among energy traders, reports UNN, citing The Guardian.
Details
According to the publication, in the last week of August, EU gas storage facilities were 63% full, significantly below the average of 80% for the end of August in recent years. This is one of the lowest levels ever recorded for this time of year.
According to Greg Molnar, a gas analyst and professor, given the current slow pace of filling gas storage facilities, the EU is likely to enter the winter heating season with gas stocks approximately one-fifth below the average for the past five years and at their lowest level since 2013.
Low stock levels naturally increase the risk of greater price volatility in winter
EU gas storage facilities are struggling to reach the reduced target of 80% capacity by the beginning of winter, as the US-Israeli war against Iran has caused serious disruptions to oil and gas exports from the Persian Gulf region.
Additionally
Gas supply problems are particularly acute in Western Europe, where storage levels are significantly lower than in countries such as Italy and Poland, which have managed to fill their gas storage facilities to more than 80%.
In Germany, which has the largest gas storage capacity in Europe, the facilities are approximately half full, according to Gas Infrastructure Europe. Storage levels in Belgium and the Netherlands, which are directly connected to the British gas market via pipelines, stand at 51% and 45%, respectively.
Recall
Gas storage levels in Germany are exceptionally low, threatening supply shortages in November. Berlin does not want to abandon the free-market doctrine, despite the risks.