EU Gas Injection Hits Historic Low for Second Consecutive Year
Quick Look
- EU gas injection into storage facilities is at a historic low for the second half of May, with current levels at 36.99%.
- This pace may prevent Europe from meeting its 90% storage target for the upcoming winter season.
AI-generated summary
Why It Matters
EU countries are experiencing historically low gas injection rates into underground storage facilities for the second consecutive year. This comes after a long heating season and raises concerns about energy security for the upcoming autumn-winter period.
MOSCOW, May 22. /TASS/. Gas injection by EU countries into underground gas storage facilities (UGS) is at a historic low for the second half of May, according to TASS calculations based on data from Gas Infrastructure Europe (GIE).
Between May 18 and May 20, injection indicators were at their lowest level for the period since records began in 2011. Total gas injection into UGS facilities since the beginning of the month has also been proceeding at the slowest pace in the past 12 years. Gazprom earlier noted that Europe continues setting anti-records in filling its storage facilities.
Europe’s gas storage facilities are currently 36.99% full, compared to 45.2% a year earlier, with approximately 40.5 bln cubic meters of gas in storage.
Under European Commission requirements, EU countries must ensure their gas storage facilities are filled to 90% between October 1 and December 1 each year. In addition, a 10% flexibility margin is allowed in the event of difficult storage-filling conditions. Thus, net gas injection into European storage facilities ahead of the 2026-2027 autumn-winter season must total at least 68 bln cubic meters to meet the filling target. A year earlier, Europe managed to achieve only around 55 bln cubic meters.
The current summer season will likely proceed with higher fuel prices due to intensified competition with Asia for available liquefied natural gas volumes on the market amid the Middle East conflict. Gazprom forecast that gas reserves in Europe’s underground storage facilities may fail to reach even 70% by the next heating season.
TASS reported earlier that Europe effectively completed the heating season in early April. The season became the second-longest since records began in 2011 and lasted 173 days. In this regard, it was surpassed only by the 2020-2021 heating season, which lasted an unmatched 190 days. Net withdrawals during the past heating season exceeded 61 billion cubic meters, which was 6.5 bln cubic meters more than the volumes injected last summer.
What to Watch
AI outlook — possibilities, not facts
Gas reserves in Europe's underground storage facilities may fail to reach even 70% by the next heating season.
Likely · Within months
Summer season will proceed with higher fuel prices.
Likely · Short term
Open Questions
- Will the EU be able to meet its 90% gas storage target by December 1?
- What specific impact will the Middle East conflict have on LNG supply and prices?
- How will intensified competition with Asia for LNG affect European markets?
- What measures will EU countries take to mitigate potential energy shortages?
