Europe enters winter with lowest gas reserves since 2013 — Asharq Al-Awsat

Europe is entering the winter season with its lowest level of natural gas reserves since 2013. The International Energy Agency warned that this could keep pressure on the international gas market through 2027, Asharq Al-Awsat reports.

Reserves below the target level

At the end of October, European gas storage facilities were 75% full. This is below the European Union’s minimum target of 80% and is the lowest level in more than a decade, the IEA said.

According to the agency, the volume of gas injected into storage this season was about 4% lower than the average for the past five years. European countries began filling storage facilities from low levels after the heating season ended in spring, while buyers initially postponed purchases in anticipation of lower prices.

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Dependence on LNG supplies

Supplies increased in August, September and October, but this was not enough to make up for the delay. Among the factors behind the situation, the publication cites damage to liquefied natural gas plants in the Persian Gulf during the war between the United States and Iran, as well as reduced transit through the Strait of Hormuz.

The IEA believes that under such conditions, European states will have to rely more on additional supplies of liquefied natural gas to cover peak demand. Risks will increase in the event of a colder-than-usual winter, technical problems in the gas network or supply disruptions.

Situation in Germany

Germany said it would have sufficient gas for the winter despite failing to meet its storage-filling target. According to the federal agency that oversees the country’s energy infrastructure and markets, German gas storage facilities are 61% full on average. This is below the legally established target of 70% as of November 1 and below the EU average of nearly 75%, according to the AGSI platform.