Equinor predicts Europe will miss gas stock targets

Equinor, the largest natural gas supplier in Europe, expects the European Union to fail in filling gas inventories to 80% before winter due to tight global supplies and increasing competition with Asian markets. The company’s CEO clarified that Europe's gas stocks are currently below the average of previous years and are approaching their lowest levels in 15 years, influenced by the US-Iran war and its impact on shipping through the Strait of Hormuz, which accounts for 20% of global gas trade. Additionally, Europe is gradually moving away from reliance on Russian gas supplies and now depends more on liquefied natural gas (LNG), much of which has become less available, especially as shipments are diverted to Asia rather than Europe.

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