“Winter Panic”: EU Gas Reserves Fall to a 13-Year Low

According to The Guardian, in the last week of August, the European Union’s gas storage facilities were only 63% full, whereas the average for previous years was 80%. This is one of the lowest levels in the past 13 years. Experts are warning of “winter panic” among energy traders, and in the UK—where gas storage capacity is among the lowest in the region—the situation is particularly critical.

❗️The reasons for the shortage include disruptions to supplies from the Persian Gulf region due to the U.S. and Israel’s war against Iran, a cold end to last winter, and increased gas consumption amid an unusually hot summer in Europe.

As a result, gas prices in Europe have soared to a three-year high of 68 euros per megawatt-hour, more than double the price at the beginning of the year.

Goldman Sachs analysts predict that the spot price will need to exceed 100 euros per MWh to attract sufficient supplies to meet winter demand. The situation is particularly alarming in Germany (storage facilities at 50% capacity), Belgium (51%), and the Netherlands (45%).

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