Bloomberg: EU accumulates record low gas before winter

Gas reserves in the underground storage facilities of the EU countries at the end of September 2026 were filled by about 70%. This is below the seasonal average of 87% and the lowest value for this period in the last 15 years of observations. Bloomberg reports.

The EU’s underground storage facilities cover about a third of Europe’s annual needs. For decades, they bought gas in the summer when prices were lower, stored it and sold it at a higher price if necessary. However, for the second year in a row, this model does not work due to a decrease in Russian pipeline gas supplies. The situation was complicated by the closure of the Strait of Hormuz, through which a fifth of the world’s LNG flows usually pass, the agency said.

According to the International Energy Agency, nine EU member states have strategic gas reserves, which as of last year were estimated at about 12 billion cubic meters. This is only 12% of the total storage capacity of the unit and can cover about 13 days of gas consumption. These are Austria, Bulgaria, the Czech Republic, Estonia, Hungary, Italy, Latvia, Poland and Spain. Germany and the Netherlands have begun exploring the possibility of building strategic reserves.

The EU expects to completely abandon Russian LNG from January 1, 2027, from pipeline gas from September 30, 2027. By the end of the summer, gas reserves in Europe’s underground storage facilities had dropped to 58 percent. This is 70% less than a year earlier. According to Gas Infrastructure Europe, the heatwave has led to record gas spending in the EU. The European Commission has called on countries to reduce gas and electricity consumption.

Details - in the material "Kommersant" "Prices warmed up.".