EU Gas Storage Levels Remain Exceptionally Low Ahead of Winter

The European Union is facing a thin gas cushion heading into winter, prompting Brussels to warn that the bloc's energy price crisis could become a supply problem.

Gas storage levels in the EU remain 'exceptionally low' after a hot and dry summer forced countries to burn more gas for electricity, reducing the amount available to refill underground reserves.

The global market is still affected by the US and Israeli war against Iran, which has cut liquefied natural gas (LNG) flows through the Strait of Hormuz to just 15% to 25% of pre-war levels. Qatar has extended its force majeure on LNG shipments to Asian and European customers until December.

The EU's Energy Commissioner Dan Jørgensen said there are currently no immediate risks to security of supply, but warned that the bloc is less room to absorb another global supply disruption without paying a heavy price.