EU gas stocks down to unusually low levels due to cold winter — Politico

Business & Economy March 10, 16:20

There is no guarantee that traders will be induced to replenish stocks during the summer, the official said

BRUSSELS, March 10. /TASS/. Gas stockpiles in the European Union’s storage facilities have fallen to unusually low levels due to a cold winter, raising concerns amid problems with energy supplies from the Middle East, Politico reported, citing an unnamed official from the energy ministry of one of the EU member states.

There is no guarantee that traders will be induced to replenish stocks during the summer, the official said, adding though that there is no immediate threat now. In theory, the EU could resort to joint emergency purchases and price ceilings. However, for now, countries are reluctant to resort to extreme measures, preferring to monitor price dynamics and supply levels in the energy market.

According to TASS calculations based on data from Gas Infrastructure Europe (GIE), EU countries used up all the gas they pumped into storage facilities last summer in February and are drawing on reserves remaining from previous years.

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