EU gas reserves may drop below 10% by end of winter - IEA This material (information) is produced and disseminated by the Bell foreign agent or relates to the activities of the Bell foreign agent. 18+ The European Union entered the heating season with the lowest gas reserves since 2013, the International Energy Agency (IEA) said in a report published today. The inventory in storage facilities is 18% lower (16 billion cubic meters) than the five-year average. If the winter turns cold and the Strait of Hormuz remains closed, they could drop below 10% of operating capacity by the end of March. That would be a historic low. When storage facilities are less than 30% full, gas is withdrawn from them more slowly, so Europe will face late cold weather or accidents with little spare, the IEA warns. As of Oct. 21, EU storage facilities were 75 percent full, regulator ACER reported, and they ended last winter at 28 percent, compared with 34 percent a year earlier. Why yes, the main reason for the shortage is the closing of the Strait of Hormuz. From March to October, LNG shipments from Qatar and the United Arab Emirates fell by more than 60 billion cubic meters, with new projects in North America and Africa accounting for about two-thirds of that decline. At the end of the year, the global supply of LNG will decrease by 3%, by almost 20 billion cubic meters. This is the strongest drop on record. The average spot gas price in the European TTF center increased by almost 70% year-on-year in the months of March-October. At the end of October, the November TTF contract rose above €100 per MWh for the first time since 2022. At the same time, Russia remains the second largest supplier of LNG to Europe after the United States: in January-September it accounted for 13% of imports, mainly to Belgium, France and Spain. Another 8% of the demand in Europe is covered by Russian pipeline gas. What's next From January 1, 2027, the EU bans imports of Russian LNG under long-term contracts; According to short-term contracts this has been prohibited since April. Pipeline gas will be banned until the end of 2027.

EU gas reserves may drop below 10% by end of winter - IEA This material (information) is produced and disseminated by the Bell foreign agent or relates to the activities of the Bell foreign agent. 18+ The European Union entered the heating season with the lowest gas reserves since 2013, the International Energy Agency (IEA) said in a report published today. The inventory in storage facilities is 18% lower (16 billion cubic meters) than the five-year average. If the winter turns cold and the Strait of Hormuz remains closed, they could drop below 10% of operating capacity by the end of March. That would be a historic low. When storage facilities are less than 30% full, gas is withdrawn from them more slowly, so Europe will face late cold weather or accidents with little spare, the IEA warns. As of Oct. 21, EU storage facilities were 75 percent full, regulator ACER reported, and they ended last winter at 28 percent, compared with 34 percent a year earlier. Why yes, the main reason for the shortage is the closing of the Strait of Hormuz. From March to October, LNG shipments from Qatar and the United Arab Emirates fell by more than 60 billion cubic meters, with new projects in North America and Africa accounting for about two-thirds of that decline. At the end of the year, the global supply of LNG will decrease by 3%, by almost 20 billion cubic meters. This is the strongest drop on record. The average spot gas price in the European TTF center increased by almost 70% year-on-year in the months of March-October. At the end of October, the November TTF contract rose above €100 per MWh for the first time since 2022. At the same time, Russia remains the second largest supplier of LNG to Europe after the United States: in January-September it accounted for 13% of imports, mainly to Belgium, France and Spain. Another 8% of the demand in Europe is covered by Russian pipeline gas. What's next From January 1, 2027, the EU bans imports of Russian LNG under long-term contracts; According to short-term contracts this has been prohibited since April. Pipeline gas will be banned until the end of 2027.