'Winter panic': EU gas stores at their lowest level in 13 years
News Source
β’Sat, 29 Aug 2026 05:00:19 GMT
π° What Happened
Europe is heading into winter with the lowest gas stores in 13 years, and traders are in 'winter panic.' EU gas stocks were 63% full in late August, far below the usual 80% average. At current filling rates, stores could enter the winter about a fifth below the five-year average.
Analyst Greg Molnar says low stocks raise the risk of sharp price swings, especially if cold spells hit. The UK may be the most exposed, since it is one of Europe's biggest gas users but has very little storage of its own. It relies on imports from Europe, the US, and the Middle East.
π The Backstory
Europe used to depend on Russian gas, but after 2022 it had to find imports from other places and fill its storages each summer. Storage is like a battery for gas: countries fill it in warm months and draw it down in winter.
The past two winters were mild, which hid the problem. Now filling has slowed, and experts warn that a cold winter could push prices up quickly. Energy bills across Europe are already high, and another spike would hurt households and businesses.
π― Why It Matters
Gas prices set the cost of heating and power for millions of homes. Low storage means bills could jump again this winter, and support for the most vulnerable families becomes more important than ever.
Europe is heading into winter with the lowest gas stores in 13 years, and traders are in 'winter panic.' EU gas stocks were 63% full in late August, far below the usual 80% average. At current filling rates, stores could enter the winter about a fifth below the five-year average.
Analyst Greg Molnar says low stocks raise the risk of sharp price swings, especially if cold spells hit. The UK may be the most exposed, since it is one of Europe's biggest gas users but has very little storage of its own. It relies on imports from Europe, the US, and the Middle East.
Europe used to depend on Russian gas, but after 2022 it had to find imports from other places and fill its storages each summer. Storage is like a battery for gas: countries fill it in warm months and draw it down in winter.
The past two winters were mild, which hid the problem. Now filling has slowed, and experts warn that a cold winter could push prices up quickly. Energy bills across Europe are already high, and another spike would hurt households and businesses.
Gas prices set the cost of heating and power for millions of homes. Low storage means bills could jump again this winter, and support for the most vulnerable families becomes more important than ever.