MOSCOW, August 7. /TASS/. The level of gas reserves in Europe’s underground storage facilities (UGS) has surpassed 70%, according to data from Gas Infrastructure Europe (GIE).

As of August 5, the average storage level stood at 70.35%.

According to the latest European Commission regulations, EU member states are required to ensure that their gas storage facilities are filled to at least 90% between October 1 and November 1 each year. Additionally, a 10% flexibility margin is permitted in cases of adverse storage conditions. Nonetheless, this requirement is placing additional upward pressure on gas prices in the European market.

According to TASS calculations, to meet the target storage levels for the upcoming season, the EU must achieve a net gas injection of at least 61 bln cubic meters, which is almost 50% higher than the net injection recorded a year earlier, and one of the largest volumes in history.

Previously, Gazprom predicted that Europe would face difficulties in filling its storage facilities ahead of winter. During the upcoming summer, regional countries will require more gas to replenish reserves, and, amid constrained commissioning of new supply capacities, they will have to compete with Asia, where demand for fuel is rising, for liquefied natural gas (LNG). The Gas Exporting Countries Forum also anticipated that the EU would encounter significant challenges in reaching the 90% storage target by winter and projected that summer spot gas prices would exceed those observed in winter, undermining the economic feasibility of gas injections into storage.

During the most recent heating season, Europe imported nearly 63 bln cubic meters of LNG, its third-highest volume ever for that period. Only in the two preceding winter seasons did regasified LNG deliveries into the EU’s gas transmission system surpass this level.

Europe’s LNG imports in June marked an all-time high for that month at 12.2 bln cubic meters; however, imports in July experienced a record-setting decline.