EU Gas Supply Remains Stable Despite Low Storage Levels

The European Union's gas supply situation remains stable, despite concerns about potential shortages due to low storage levels. According to the Gas Coordination Group, which advises the European Commission on coordinating security-of-supply measures, EU gas supply is still considered stable. However, Europe's gas storage levels are at a historical low, with sites in the EU only 70% full as of September 24, per data by Gas Infrastructure Europe.

The recent closure of the Strait of Hormuz had led to increased competition for available gas supplies in Asia and Europe. LNG cargoes have struggled to transit through the chokepoint, which has contributed to higher gas prices in these regions. Germany's vast storage sites are particularly concerning, with only 57% full as of September 24.

The European Commission is closely monitoring the situation and will continue to work with EU countries and stakeholders to ensure a stable gas supply. Despite the low storage levels, the Commission reconfirmed that EU gas supply remains stable.