EU Gas Storage Hits Record Lows Amid Soaring Prices and Winter Panic

The European Union is bracing for soaring natural gas prices as its storage facilities hit record lows. EU gas stocks are currently at around 64% capacity, far below the seasonal average of 80%, according to ENTSOG data.

Germany's storage is slightly above 50%, while the Netherlands and Belgium have levels of around 45% and 50% respectively. The UK's facilities are only at about 30% capacity, as it has historically relied more on continuous imports than storage.

Natural gas prices have risen above €66 ($76) per megawatt-hour, more than double from earlier in the year, according to Trading Economics. Bjarne Schieldrop, chief commodities analyst at SEB, said the market had 'stayed relatively calm' this summer, but now faces a winter panic.

Analyst Greg Molnar warned that low storage levels increase the risk of heightened winter price volatility, particularly with cold weather and unforeseen supply disruptions on the horizon. The EU's dependence on Russian energy has decreased, with its share dropping to around 12% in 2025 from 45% in 2021.