Europe's Lowest Gas Reserves in 15 Years Spark Price and Supply Fears
Europe is facing its lowest recorded levels of natural gas reserves in 15 years, leaving it vulnerable to supply disruptions and price shocks. The filling ratio of European gas reserves has reached only 65.6%, significantly lower than usual levels for this time of year, according to the Aggregated Gas Storage Inventory database.
The low storage levels come at a time when gas prices in Europe have surged by more than 75% over the past two months, reaching their highest levels in three years this week.
Lucy Post, head of Gas Infrastructure Europe, warned that market disruptions, such as natural gas supply outages or lower electricity production from renewable sources, could increase pressures on the European gas market. 'If we face a compound shock, it will be problematic.'