EU Gas Storage Reserves Hit Four-Year Low Amid Middle East Unrest

The European Union's gas storage reserves are at their lowest level in four years after a slow start to filling them up during the spring months.

This has left countries in the region facing a potential energy crisis this winter, with prices expected to rise due to ongoing instability in the Middle East and increasing competition for limited fuel supplies.

The war between the United States, Israel, and Iran, which began in late February 2025, led to a reduction in oil and gas supplies from the Persian Gulf and a sharp increase in world prices.

European traders have been waiting for the resumption of shipping through the Strait of Hormuz after an agreement between the parties to the conflict, but fighting has resumed, causing gas prices to reach their peak since the start of the war.

Asian importers are buying up available volumes of liquefied natural gas (LNG) to replace lost imports from Qatar, luring cargoes away from Europe and increasing competition for gas supplies.