Germany's Gas Storage Levels Plummet Amid Strait of Hormuz Closure

Germany's gas storage facilities are at their lowest level for mid-August in several years. According to Gas Infrastructure Europe, the country's underground natural gas stores stood at 50.14% on Wednesday. This is a quarter lower than on the same date last year and more than 45 percentage points lower than in 2023 and 2024.

The low storage levels are due to the ongoing closure of the Strait of Hormuz, which has disrupted natural gas supplies. European wholesale gas prices remain well above pre-war levels, standing at around €65 ($76) per megawatt-hour on Thursday. This is roughly twice as high as during the same period last year.

The current storage rates are rising by 0.5 terawatt-hours per day, but even if they reached 1.2 terawatt-hours a day, storage levels will be significantly below the government's target of an average gas storage level of 71% by November 1. Consumer groups are warning of higher gas prices this winter.