IEA: Europe Enters Winter with Lowest Gas Reserves Since 2013
The International Energy Agency report reveals a drop in EU gas reserves below the required minimum level.
Translated by Qiyas from الراي — Original source
Europe enters winter with the lowest natural gas storage levels since 2013, which could prolong pressures on the global gas market through 2027, according to a report published today by the International Energy Agency (IEA).
The agency stated that EU gas storage levels did not exceed 75 percent by the end of October, marking their lowest point in over a decade and significantly below the 80 percent minimum threshold set by the European Union.
Several factors explain this situation. The agency noted that the closure of the Strait of Hormuz, following the outbreak of conflict in the Middle East in late February, impacted Europe’s imports of liquefied natural gas (LNG). This closure occurred at a time when gas stocks were already low at the end of the previous winter.
Buyers then delayed purchasing gas to refill storage facilities, hoping prices would fall later, a scenario that did not materialize.
The agency added that the Strait of Hormuz remained largely closed throughout the summer months. Although the pace of gas injection into EU storage facilities accelerated in August, September, and October, it did not reach levels seen in previous years.
Total gas injected into storage during the injection season was approximately four percent lower than the five-year average.
In its statement, the agency said this situation “increases the region’s reliance on LNG supplies from the global market to meet seasonal demand at its peak, and could leave the region vulnerable, particularly if next winter is colder than expected, or if technical failures or other supply disruptions occur.”
The German government confirmed on Monday that gas supplies in the country are secure for the upcoming winter, despite storage levels being well below regulatory targets.
