MOSCOW, October 13. /TASS/. Natural gas reserves in Europe’s underground storage (UGS) facilities have exceeded 83% ahead of the coming winter. However, withdrawals from storage in October have reached record levels amid cooler weather, according to data from Gas Infrastructure Europe (GIE).

As of October 11, gas injection into EU storage facilities totaled 194 mln cubic meters, while withdrawals declined to 27 mln cubic meters, according to GIE. The overall volume of gas stored, 91.6 bln cubic meters, is the eighth-highest October level on record.

Currently, European UGS facilities are 83% full, which is 8.3 percentage points below the five-year average for this date and down from 94.9% a year earlier. Under new European Commission rules, EU member states must ensure that their gas storage levels reach at least 90% between October 1 and December 1 each year. A 10% flexibility margin is allowed in the event of challenging storage conditions. Nevertheless, this requirement exerts additional upward pressure on gas prices in the European market.

According to TASS calculations, Europe’s net gas injection during the filling season must total at least 61 bln cubic meters to meet the mandated storage threshold - almost 50% higher than last year’s level and among the highest on record.

At present, net injection into European storage facilities stands at 54.5 bln cubic meters, making it increasingly unlikely that the EU will achieve the 90% target. Earlier, Gazprom warned that the EU could face gas shortages during cold snaps due to insufficient storage. In addition, Gazprom CEO Alexey Miller noted that long-term weather forecasts indicate an unusually cold winter is approaching in both Europe and Russia - a phenomenon that occurs roughly once every 20 years.

This week’s weather in Europe is expected to be slightly warmer than the previous one, with a gradual cooling trend forecast toward the weekend. Wind generation accounted for an average of 19% of the EU’s electricity output in September and about 19.5% in October. The average gas purchase price in Europe was approximately $393 per 1,000 cubic meters in September and around $389 in October.

 

LNG Imports

 

Since the start of the summer season in April, Europe has imported record volumes of liquefied natural gas (LNG), with total deliveries already exceeding 74 bln cubic meters, according to TASS calculations.

The previous record for LNG imports during the April-September period was set in 2023. The highest LNG flow from European terminals into the EU gas transmission system for April-October was recorded two years ago at 76.3 bln cubic meters - a figure expected to be surpassed by the end of this month.

Europe’s LNG imports in September were the highest ever recorded for that month, while regasification capacity utilization currently stands at 52% of its maximum level.