Europe faces low gas reserves ahead of winter season

Europe is approaching the cold season with natural gas storage levels at 69%, significantly lower than the five-year average of 85% for this period. Germany and the Netherlands, which together hold 35% of the European Union's storage capacity, are among the countries experiencing the largest delays in replenishing reserves.

European gas benchmark prices have reached 81 euros per megawatt, a 150% increase compared to last year. Morgan Stanley estimates that prices could rise to 100 euros depending on weather conditions. Additionally, fuel costs are rising; within the EU, gasoline is 24% more expensive and diesel is 38% more expensive than a year ago.

In Romania, gas storage is at 76%, with a target of 80% by October 1. The country has implemented a price cap on natural gas until April 2027. Analysts warn that these energy pressures could drive inflation, potentially forcing the European Central Bank to raise interest rates again. Vulnerable sectors include aviation, chemical industry, automotive industry, and construction materials.