EU Gas Storage Hits Five-Year Low Amid Middle East Supply Disruptions

European Union gas storage levels have hit a five-year low in mid-August. According to Gas Infrastructure Europe, EU gas storage facilities were only 60.8% full on August 17, down from 73.6% a year earlier.

This is below the mid-August levels of previous years: 75.6% in 2022, 90% in 2023, and 89% in 2024.

Analysts expect the EU to fall short of its winter target of 90% by November 1. Ole Dramdal from Rystad Energy Gas and LNG Markets estimates that storage will reach about 75% by November 1, while Ronald Pinto from Kpler LNG and Natural Gas expects levels to hit around 77%.

The lower storage levels are due in part to disruptions in Middle Eastern LNG supplies. The Strait of Hormuz remains a crucial route for global LNG trade, particularly for Qatari exports. Disruptions have affected Qatari LNG flows and intensified competition for spot LNG cargoes between Europe and Asia.