Gas Supplies Disrupted by War, European Reserves at Historic Low

European gas reserves are at their lowest level since 2009, with stocks only 62% full. This has led to rising prices due to disruptions in gas supplies caused by the war in the Middle East.

Rabobank analyst Florence Schmitt warns that the situation is worsening daily, as reserves will play a limited role this winter and there are concerns about further escalation in the Persian Gulf.

Germany, Europe's largest energy consumer, has particularly low gas stocks, at just 50% full. Belgium's reserves are also critically low, with only half of them filled.

Belgium's reliance on storage during winter is limited due to its direct pipelines with the UK and Norway, as well as its LNG terminal in Zeebrugge.