Europe is approaching winter with low gas stocks as disruptions to liquefied natural gas (LNG) supplies from the Gulf push up prices and slow efforts to replenish reserves.
EU storage facilities were about 68 percent full on Sept. 14, according to Gas Infrastructure Europe. Qatar has largely suspended LNG shipments amid the closure of the Strait of Hormuz.
“Europe is prepared for a normal winter, but it is not well insulated against a severe one,” Erisa Pasko, lead European gas analyst at Energy Aspects, told Anadolu Agency.
The consultancy expects European storage to reach 69 percent of capacity by the end of October, leaving stocks near a 14-year low heading into winter. Inventories could fall to 16 percent by the end of March even under normal weather conditions.
Energy Aspects does not expect Europe to run out of gas, but says prices must remain high enough to curb demand and attract LNG cargoes. Pasko also warned that gas becomes harder to withdraw quickly as storage levels decline.
Germany is the most exposed major market, she said. Its storage was 55.8 percent full on Sept. 14, compared with 52.5 percent in the Netherlands.
The European Commission said on Sept. 3 there was no immediate threat to gas supplies. It cited more diverse supply sources, greater LNG import capacity and lower demand as reasons the EU was better prepared than in 2021-22.
