EU gas storage levels below historical average

Gas storage levels across the European Union are below the historical average, but the bloc currently faces no immediate supply security concerns despite the prospect of a challenging winter, European Commission spokesperson Anna-Kaisa Itkonen said on Wednesday.

Itkonen told journalists that the EU was closely monitoring gas storage levels and holding more frequent coordination meetings with member states to assess the situation across the bloc.

She added that gas reserves had fallen below the historical average, an issue that was also discussed at last week’s European Council summit.

“Although we are heading towards a challenging winter, we do not have a supply security problem. However, the crisis in the Middle East is affecting energy prices, and this is also having an impact on gas storage levels,” the spokesperson said.

Itkonen also noted that the EU has no legally binding strategic gas reserve requirements, potentially opening the door to discussions on establishing strategic gas reserves.

Disruptions to shipping through the Strait of Hormuz are complicating European efforts to replenish gas storage facilities, while reduced liquefied natural gas (LNG) supplies from the Middle East are tightening global market conditions.

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