EU's gas reserves diminishing quickly – Gazprom
According to Russia’s energy giant, the bloc has depleted its winter gas supply stored in underground reservoirs. Read Full Article at RT.com
TroibNews 
According to Russia’s energy giant, the bloc has already depleted its underground reservoirs.
The EU has been rapidly utilizing its gas storage facilities and had consumed its winter stockpile by January, even as seasonal temperatures remained consistent with climate norms, as reported by Gazprom.
Prior to the escalation of the Ukraine conflict in 2022, Russian gas exports constituted 40% of the EU’s total supply. However, Gazprom significantly reduced its exports to the bloc three years ago due to Western sanctions and the sabotage of the Nord Stream pipelines.
This season, the EU has increased withdrawals from its gas storage facilities by 36% and by 22% above the ten-year average, according to Gazprom's report on Monday, which referenced data from Gas Infrastructure Europe.
As of February 28, European underground storage facilities contained 39.2 bcm of gas, representing 38.5% of total capacity—a decrease of 24.3 bcm compared to the previous year. The EU has drawn down 58 bcm of gas this season, which is fifty percent higher than the volume injected during the summer.
Gazprom cautioned that this significant drawdown, alongside a reduction in reliable gas supply sources, creates challenges for the EU in refilling its storage sites over the summer and preparing for the upcoming winter.
The EU’s reliance on more expensive liquefied natural gas (LNG) imports has increased as Brussels aims to reduce its dependency on cheaper Russian energy. While several EU nations still depend on Russian gas, many have voluntarily ceased their imports.
Earlier this year, natural gas prices within the bloc surged to their highest in two years, driven by a combination of cold weather, dwindling gas reserves, and apprehensions regarding possible US tariffs on EU imports.
Compounding these challenges, the EU has set binding targets for gas storage, mandating a 90% capacity level by November 1, 2025.
The notable decline in European gas storage levels has created serious challenges for governments and energy consumers throughout the region.
Western Europe is currently importing considerable amounts of LNG at high prices, with EU and UK imports reaching 9.8 million metric tons in January, the highest figure since December 2023, according to energy analytics firm Kpler. The US represented 57% of this total supply.
Market experts predict that competition for gas supplies is likely to intensify. US LNG export capacity has not grown as quickly as anticipated, while demand continues to rise in Asia, Egypt, and other markets.
Mathilde Moreau contributed to this report for TROIB News
The EU has been rapidly utilizing its gas storage facilities and had consumed its winter stockpile by January, even as seasonal temperatures remained consistent with climate norms, as reported by Gazprom.
Prior to the escalation of the Ukraine conflict in 2022, Russian gas exports constituted 40% of the EU’s total supply. However, Gazprom significantly reduced its exports to the bloc three years ago due to Western sanctions and the sabotage of the Nord Stream pipelines.
This season, the EU has increased withdrawals from its gas storage facilities by 36% and by 22% above the ten-year average, according to Gazprom's report on Monday, which referenced data from Gas Infrastructure Europe.
As of February 28, European underground storage facilities contained 39.2 bcm of gas, representing 38.5% of total capacity—a decrease of 24.3 bcm compared to the previous year. The EU has drawn down 58 bcm of gas this season, which is fifty percent higher than the volume injected during the summer.
Gazprom cautioned that this significant drawdown, alongside a reduction in reliable gas supply sources, creates challenges for the EU in refilling its storage sites over the summer and preparing for the upcoming winter.
The EU’s reliance on more expensive liquefied natural gas (LNG) imports has increased as Brussels aims to reduce its dependency on cheaper Russian energy. While several EU nations still depend on Russian gas, many have voluntarily ceased their imports.
Earlier this year, natural gas prices within the bloc surged to their highest in two years, driven by a combination of cold weather, dwindling gas reserves, and apprehensions regarding possible US tariffs on EU imports.
Compounding these challenges, the EU has set binding targets for gas storage, mandating a 90% capacity level by November 1, 2025.
The notable decline in European gas storage levels has created serious challenges for governments and energy consumers throughout the region.
Western Europe is currently importing considerable amounts of LNG at high prices, with EU and UK imports reaching 9.8 million metric tons in January, the highest figure since December 2023, according to energy analytics firm Kpler. The US represented 57% of this total supply.
Market experts predict that competition for gas supplies is likely to intensify. US LNG export capacity has not grown as quickly as anticipated, while demand continues to rise in Asia, Egypt, and other markets.
Mathilde Moreau contributed to this report for TROIB News
