EU Gas Reserves at 62% Capacity Amid Ongoing Middle East Tensions
The ongoing war between the US, Israel, and Iran has raised concerns about gas supply in the European Union. Despite this, European Commission spokesperson Eva Hrncirova assured that there is no immediate concern regarding natural gas supply within the EU.
This assurance comes as a result of the bloc's energy security remaining stable for the upcoming winter season. However, total EU gas reserves stand at 62% of capacity, which is notably lower than the 74% recorded at this exact time last year.
The conflict has caused significant surges in energy prices, with European wholesale gas prices increasing by over 70%. This has led to a reluctance among European utility companies to buy expensive fuel for storage, resulting in the current 62% storage lag compared to 74% last year.