Energy
European Gas Storage Sites Dwindle at Fastest Pace Since 2018
- Stocks are about 70% full versus 86% at same point last year
- Colder conditions are expected across Europe this week
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Europe is burning through gas reserves more quickly than at any point in the last seven years as cold weather ramps up heating needs, with temperatures expected to drop again this week.
The region’s vast underground storage sites — which act as a buffer against tighter flows — are just over 70% full compared with about 86% a year ago. While there’s no risk of an immediate shortfall, the rapid depletion may make stockpiling more challenging ahead of the next heating season and risks impacting short-term prices.