European gas storage facilities are 45.03% full, the lowest for this date in five years, holding 49.2 bln cubic meters. Injections are down 16% year-on-year, and competition with Asia for LNG amid Middle East conflict escalation is driving higher fuel prices.
Italian gas reserves have surpassed 56% of capacity, reaching nearly 115 TWh, significantly higher than the previous year's figures and outperforming both European averages (37.83%) and Germany's reserves (under 30%). This comes as natural gas prices continue to fall on the Amsterdam TTF market.
South Australia's energy minister claims gas reserves in the Otway Basin could supply the state for a decade. However, an analyst questions companies' financial incentives to explore due to falling demand and high costs, while locals fear environmental risks.
The SA government argues South East fracking would help unlock gas reserves at a time of limited supply — but it's a move that's vehemently opposed by many in the local community.
