Europe's Gas Prices Surge Amid Slow Refill of Storage Facilities

European gas prices have surged to a three-and-a-half-year high as storage refills slow before winter. According to data from Gas Infrastructure Europe, European storage facilities were only 55.35% full at the end of July 25, which is 15.9 percentage points below the five-year average.

The pace of gas injections into Europe's underground storage facilities continues to slow, with injection volumes during the week of July 20-24 more than 25% below peak levels recorded at the start of the injection season. The injection rate has fallen each week.

The reliance on liquefied natural gas imports is also being felt, with overall gas imports in July down about 25% from 2025 levels. LNG imports could fall to 6.5 million metric tons in July, their lowest level in two years.