Italy Bypasses Germany as Europe's Largest Gas Buyer Amid Supply Jitters

Italy has become Europe's largest buyer of natural gas in recent months, driven by government support measures and concerns about supply disruptions. According to Bloomberg, Italian traders have been actively purchasing liquefied natural gas (LNG) despite higher prices, which have roughly doubled since the beginning of the year.

The country's energy sector is heavily reliant on gas, making it particularly vulnerable to price fluctuations. The intense heat wave has increased demand for electricity to cool buildings, putting additional pressure on gas supplies.

Germany and France have been more cautious about expensive supplies, but Italian gas operator Snam SpA CEO Agostino Scornadgenki warned that tension over gas prices will persist in the coming months. He noted that Germany and other European countries will need to accelerate gas injections into storage facilities.

Currently, Italy's storage facilities are around 75% full, which is below the average level for the past five years but one of the best figures among the largest European markets. In contrast, Germany's storage facilities are about 47% full, the lowest level for this time of year since 2009.