EU Gas Storage Levels Plummet Amid Qatari LNG Blockades

The European Union's gas storage levels are at their lowest since 2021, sitting at just 56.9% capacity as of July 31st. This is a significant concern for the region, offering only 99 days of consumption cover and an 80-day import interruption buffer.

This shortage has been exacerbated by persistent Middle East tensions, which have blocked all Qatari LNG imports for three straight months. As a result, EU gas imports have weakened to nearly two-year lows, driving TTF prices up 19%.

Gazprom's TurkStream flows have rebounded significantly, however, increasing by 35% month-on-month to 45.7 mcm/d in July. This surge highlights the continued reliance on Russian pipeline gas despite the EU's phase-out plans.