EU Gas Reserves at Lowest Level Since 2009, No Shortage Expected

Gas reserves in the EU's underground storage facilities have reached their lowest level in nearly 20 years, standing at about 57% just months before the heating season begins. The primary reason for the decrease in reserves has been the war with Iran, which has led to rising global prices and disruptions in supply. Imports of liquefied gas into Europe have been declining since April, as around 20% of the world's gas volumes have been threatened due to hostilities, while remaining tankers are actively intercepted by Asian buyers. Despite this, EU officials assure that there are significant reserve capacities to receive LNG in winter, allowing for a flexible combination of imports with the use of accumulated resources. According to the July report from the EU Gas Coordination Group, there are no threats to supply security, and achieving a storage filling level of 80% is technically feasible. However, analysts warn that due to competition with Asia, Europe will have to pay significantly more for winter gas. By the end of the injection season, gas reserves in underground storage facilities may total only 76%.

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