EU Gas Storage Levels Plummet to Five-Year Low Amid Middle East Tensions
European Union gas storage levels have plummeted to their lowest mid-August level in five years, according to Gas Infrastructure Europe (GIE) data. On August 17, EU gas storage facilities were 60.8% full, down from 73.6% a year earlier.
Analysts predict the bloc will fall short of its winter target of 90% by November 1, with senior analyst Ole Dramhal at Rystad Energy Gas and LNG Markets expecting EU storage to reach about 75% by that date, while principal insight analyst Ronald Pinto at Kpler LNG and Natural Gas expects levels to reach about 77%.
The lower storage levels come amid expectations that liquefied natural gas (LNG) supply from the Middle East will remain capped until the end of the year, with exports normalizing around April 2027. To reach 80%, Europe would need around 5.2 billion cubic meters (bcm) of additional gas compared to Dramhal's base case.