EU gas storage passes 60% full but still lags recent years: GIE

The European Union's gas storage capacity has reached 60.8% full as of August 15, according to the most recent data from Gas Infrastructure Europe. However, this level is still below the amounts seen in recent years due to ongoing supply disruptions and inflationary pressures stemming from the ongoing Middle East conflict. EU gas stocks surpassed the 60% threshold on August 13, but they remain lower than levels from the preceding five years.

The EU has faced challenges in filling gas stores, primarily due to reduced LNG imports as the global market adjusts to the absence of Qatari exports. Since the beginning of the year, EU LNG imports have amounted to 63.6 million metric tons, a decrease of approximately 4.1% compared to the same period in 2025 when imports reached roughly 66.3 million metric tons.

Furthermore, the persistently backwardated forward curves have diminished the financial incentive for market participants to purchase gas during warmer months and sell it at a profit during colder months. Despite these challenges, early in the Iran war, the European Commission proposed reducing gas storage targets to 80% from 90% to mitigate potential price hikes by allowing for flexibility under the EU's latest gas storage regulation.

However, industry observers have become increasingly doubtful that the EU will reach even this reduced objective by the end of the filling season. Energy market analysts from Axpo's Andy Sommer stated on August 10 that it would likely be "difficult" for storage use to surpass 70% by November. Additionally, CERA analysts projected European gas storage to reach 75% by the end of October.

Germany, as the largest economy within the EU, possesses the most extensive gas storage capacity, with facilities capable of holding around 246.5 TWh of gas (approximately 23.3 billion cubic meters), constituting about 22% of the total EU gas storage capacity. However, German storage levels have trailed broader EU averages, with sites currently holding just below 50% full.

The German energy ministry has maintained that gas stocking is primarily the responsibility of market participants and has refrained from advocating for government intervention to boost filling efforts. German storage operator SEFE storage managed to sell all 5 TWh of capacity it offered at its Rehden storage site in a recent auction, a development contrasting recent auctions where the company had difficulty allocating volumes.

However, the capacity in the latest auction was made available through a novel options product that only requires users to pay most of the associated fees if the volumes are actually utilized.