Equinor Warns Europe May Miss Gas Storage Target as LNG Supplies Redirected

Europe's gas storage facilities are unlikely to reach their target of an 80% fill level by winter, according to Equinor's CEO Anders Oppedal. The tension in the global gas market and increased competition from Asian buyers are major factors contributing to this shortage.

The current fill level is at 54%, which is significantly lower than the average for the last five years. It's also close to a historical minimum, recorded in 2021. Due to low stocks, Europe will be more vulnerable to market price fluctuations this winter.

Oppedal attributed the shortage to the redirection of LNG supplies, with some tankers being redirected from Europe to Asia due to higher prices offered by Asian buyers.