Gas reserves in Europe depleted to a minimum before winter

Gas reserves in European storage facilities have depleted to a record low, by November 1, they will be filled by only about 75%, according to a correspondent of the Minsk-Novosti news agency.

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According to Reuters, gas prices in Europe have increased by more than 150 percent since the beginning of the year. Due to disruptions in sea transportation through the Strait of Hormuz, almost 20% of world liquefied gas exports from Qatar and the United Arab Emirates were blocked.

According to analysts, by November 1, European storage facilities will be filled by only 75-78%. This is about 10 percentage points below the average level over the past five years.

Even with average winter weather, northwestern Europe’s reserves could fall as much as 20% by early April. If the Strait of Hormuz remains closed, replenishing storage facilities in 2027 will be even harder, and any supply disruption will push prices up again.

Consumers are only expected to see a rise in wholesale prices in 2027, as retail contracts are fixed for the long term. In Germany, however, tariffs for new customers have already increased by 55%, from 8 to 12.4 euro cents per kilowatt hour. In Britain, the price ceiling in October was raised to a three-year high, and in January may increase by another 16%.