EU Gas Storage at Record Low Ahead of Winter
The European Union's gas storage facilities were only about 63% full at the end of August, significantly lower than the average 80% for this period in previous years. Analysts warn that if the current pace of gas injection continues, the EU could enter the heating season with reserves approximately 20% below the average level of the last five years.
This would be the worst indicator since 2013, according to data. Economic analyst Greg Molnar notes that low inventory levels increase the risk of sharp gas price fluctuations in winter. The situation may worsen if there are prolonged cold spells or weak winds, which could lead to increased demand for gas for electricity generation and heating.
The current gas storage fill level is influenced by problems with oil and gas exports from the Persian Gulf region and high electricity generation at gas-fired power plants during the summer heatwave in Europe. European gas prices have recently reached a three-year high, exceeding 68 euros per MWh. Analysts predict that without a resumption of gas supplies from the Middle East, its price could exceed 100 euros per MWh.