Europe's Gas Storage Levels Fall Short of Target Ahead of Heating Season

Europe's gas storage facilities are far below their target of 80% before the heating season, according to Equinor CEO Anders Opedal. The current level is around 54%, which is also well below the five-year average and the second-lowest in 15 years.

Opedal warned that low inventories would leave Europe more exposed to sharp swings in gas prices this winter. One of the central concerns is declining liquefied natural gas (LNG) supplies, which account for about 30% of Europe's imported gas. Some LNG cargoes are being diverted to Asian markets, with Qatari gas increasingly shipped there.

Even as the European Union plans to completely phase out Russian gas in 2027, EU countries have increased some purchases from Russia. Moscow may have earned around 6 billion euros from these supplies, according to an estimate by Urgewald, a German nongovernmental organization.