EU Gas Storage Falls Short as High Prices Slow Winter Filling
The European Union's gas storage facilities are currently at 62% capacity, down from 74% at this time last year. This has raised concerns about the bloc's ability to withstand winter demand and potential disruptions to international gas markets.
According to the EU's AGSI+ storage database, which tracks daily data submitted by storage operators across the continent, the current level of filling is below what was seen in 2022. However, Brussels has stated that there is no immediate supply concern, citing the bloc's substantial spare liquefied natural gas import capacity as a buffer against seasonal increases in demand.
The economics of filling have changed due to high prices, making it less attractive for companies to inject gas into storage facilities during periods of low demand. EU policymakers have acknowledged this issue and introduced flexibility in the storage requirements, allowing countries to deviate from the target by up to 10 percentage points if market conditions make it difficult to reach.
Despite the current level of filling being below the statutory target, experts believe that prices will be a key factor in determining whether Europe can achieve its goal of reaching an 80% storage level before winter. If international prices remain high or another disruption tightens the global market, achieving a larger reserve could become more costly.