Europe Enters Heating Season with Record-Low Gas Reserves

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Europe is entering the heating season with its lowest gas reserves on record for this time of year. As the season begins, European gas storage facilities are filled to around 72%, compared to an average of about 88% over the 2021–2025 period, according to The Economist.

The situation is particularly dire in Germany, where gas storage levels are hovering around 57%, significantly below the European average.

Current reserves may suffice to get through the winter without major disruptions if the season is relatively mild. An additional stabilizing factor could be the expected resumption of liquefied natural gas (LNG) deliveries from Qatar by December.

However, a cold winter could sharply increase gas consumption in Europe and intensify competition for supplies with Asian countries. In such a scenario, one of the most likely consequences would be a rise in fuel prices.

The situation could be further complicated by disruptions in other energy sources. Among the risks highlighted by the publication are reduced output from hydroelectric power plants and potential shutdowns of nuclear power reactors, which could increase the burden on gas-fired power generation.