Gas storage decline risks European price hikes

Europe has experienced a significant decline in the viability of natural gas storage, as inventories have reached their lowest levels ever, with storage sites filled to only about 71% compared to an average seasonal level of approximately 87%. This decline is due to the narrowing gap between winter and summer prices, making it less economical to inject gas into storage. It also increases the risk of stock shortages before the heating season, especially in light of ongoing reductions in gas supplies from Russia and rising global gas prices. These conditions could force Europe to purchase gas at higher prices if its reserves are insufficient, potentially increasing energy bills and threatening European economies. Gas prices continue to rise to their highest levels since 2022. Amid these challenges, governments are considering supporting the development of strategic reserves to ensure supply security during the coming winter.

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