The European Union's gas storage facilities were approximately 63% full at the end of August. This is significantly less than the average figure of 80% for this period in previous years, writes The Guardian.
According to analysts' estimates, if the pace of gas injection remains this slow, the EU could enter the heating season with reserves approximately 20% below the average level of the last five years. This could be the worst indicator since 2013.
Economic analyst Greg Molnar warns that low inventory levels increase the risk of sharp gas price fluctuations in winter. The situation could worsen further in the event of prolonged cold spells or weak winds, when demand for gas for electricity generation and heating increases.
The situation was influenced by problems with oil and gas exports from the Persian Gulf region, as well as high electricity generation at gas-fired power plants during the summer heatwave in Europe.
European gas prices recently rose to a three-year high — to more than 68 euros per MWh. Analysts do not rule out that without a resumption of gas supplies from the Middle East, its price could exceed 100 euros per MWh, as European countries will have to compete with Asian buyers for liquefied natural gas supplies.
The most difficult situation is observed in Western Europe. Meanwhile, Italy and Poland have already filled their gas storage facilities by more than 80%.
In Germany, the level of reserves is about 50%. However, the country's Ministry of Economy states that a gas shortage is not expected this winter: with import capabilities, a storage fill level of 60-70% is sufficient to meet average winter demand.
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