Europe's Gas Prices Soar 150% Amid Storage Shortage

Natural gas prices in Europe have skyrocketed by 150% over the past year, surpassing oil prices and causing widespread economic and political pressure. The European Central Bank (ECB) is particularly concerned about gas prices, with policymakers focusing more on gas than oil.

The main reason for this increase is the delayed restocking of natural gas storage reserves in Europe. According to Gas Infrastructure Europe, these reserves are only 69% full, below the 85% average for this time of year over the last five years.

This shortage is particularly acute in Germany and the Netherlands, which hold 35% of the EU's storage capacity. Analysts warn that each month of delay in restocking raises pressure on prices as peak winter usage approaches.