EU Gas Storage Hits Near Two-Decade Lows Ahead of Winter
The European Union is bracing for a potential winter gas supply crunch as its LNG storage facilities hit near two-decade lows. According to EU officials, the region's storage capacity is only around 57% full, with imports dropping significantly since April due to global market disruptions caused by the Iran war.
The EU has increased its LNG import capacity in recent years, but this may not be enough to meet winter demand if supplies remain tight. With Asian buyers snapping up available cargoes, Europe risks having to pay more for gas when demand spikes.
A spokesperson for the European Commission noted that while there are no immediate concerns about security of gas supply ahead of winter, achieving storage levels of 80% would be sufficient to secure winter supply and is 'technically achievable'.