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EU gas storage at decade‑low levels as winter approaches
Gas storage sites across the European Union are only about 57‑58 % full, the lowest level recorded for this time of year since 2011. The shortfall leaves the bloc well below its revised target of 80 % capacity by early December, after the original 90 % goal was eased.
Analysts warn that the thin cushion could trigger sharp price spikes if a cold winter arrives. European gas prices have already risen from roughly €31 /MWh in early July to near €60 /MWh by the end of the month, and a severe winter could push prices toward €110 /MWh while storage falls to around 10 % by March. The tight global LNG market – strained by the Iran‑Hormuz conflict, which has cut about one‑fifth of world LNG supplies – forces Europe to compete with Asian buyers for spot cargoes, further limiting stock‑building.
Wood Mackenzie senior analyst David Lewis said Europe may need to implement demand‑reduction measures if winter proves exceptionally cold. The combination of low inventories, high Asian demand and limited new LNG supply growth makes elevated prices through the 2026/27 winter highly likely.
Entities
David Lewis · Equinor · European Union · Gas Infrastructure Europe · Qatar · Qatar · Russia · United States · Wood Mackenzie
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Analysts warn a very cold winter could push gas prices to €110/MWh and leave storage at 10 % by March. oenergetice.cz
- [● 4 SOURCES] EU gas storage is about 58 % full as of early August 2024. zpravy.kurzy.cz · soha.vn · oenergetice.cz · www.vietnamplus.vn
- [● 2 SOURCES] The EU set a target to reach 80 % gas storage by early December 2024. zpravy.kurzy.cz · oenergetice.cz
- [● 3 SOURCES] European gas price rose from about €31/MWh in early July to nearly €60/MWh by the end of July. oenergetice.cz · zpravy.kurzy.cz · oilprice.com
- [● 3 SOURCES] Wood Mackenzie senior analyst David Lewis said Europe may need to cut demand if a very cold winter occurs. soha.vn · oilprice.com
- [● 4 SOURCES] The 58 % level is the lowest EU gas storage level since 2011. zpravy.kurzy.cz · soha.vn · oenergetice.cz · www.vietnamplus.vn
- [● 2 SOURCES] Czech gas storage is about 61 % full, roughly 17 percentage points below the five‑year average for the same period. zpravy.kurzy.cz · oenergetice.cz
- [● 4 SOURCES] The Iran‑Hormuz conflict has cut global LNG supply by roughly one‑fifth. oenergetice.cz · soha.vn · oilprice.com
- [● 2 SOURCES] The EU relaxed its gas storage target from 90 % to 80 % for December. zpravy.kurzy.cz · oenergetice.cz
- [● 2 SOURCES] The EU target is to have gas storage at 80 % of capacity by early December. zpravy.kurzy.cz · oenergetice.cz
- [● 4 SOURCES] EU gas storage sites were about 57 % full as of 5 August, the lowest level since 2011. www.karar.com · oilprice.com · oenergetice.cz