EU enters winter with low gas reserves, European Commission reassures markets

The European Union is entering the 2026–2027 winter with significantly lower gas reserves than in recent years, raising concerns about supply security and energy prices. However, the European Commission has sought to reassure markets, stating that the bloc’s energy infrastructure is prepared to meet demand during the colder months.

Underground gas storage facilities in the EU were 72% full on October 1, compared with around 83% during the same period last year and the five-year average of 88%, according to data reported by The Wall Street Journal.

Lower reserves make Europe more vulnerable to supply disruptions and low temperatures, at a time when geopolitical tensions continue to affect international energy markets.

In a statement published on October 8, the European Commission emphasized that the European gas system has sufficient flexibility to get through the winter, thanks to expanded liquefied natural gas (LNG) import capacity and the diversification of supply sources.

According to the Commission, Europe is better prepared than it was during the 2021–2022 energy crisis, when cuts in Russian supplies caused sharp price increases.

However, the European Network of Transmission System Operators for Gas (ENTSOG) warned that reserves could fall significantly below 30% by the end of the winter if international LNG supplies remain limited.

According to ENTSOG’s report, Europe’s LNG regasification capacity reaches around 145 billion cubic meters during the winter season. However, securing sufficient volumes will depend on international market conditions and competition for supplies.

ENTSOG Director-General Piotr Kuś emphasized that European infrastructure remains resilient, but securing additional volumes is also important for replenishing storage facilities during the following year.

Concerns about supply have been reflected in prices. According to The Wall Street Journal, the European benchmark gas price at the Dutch TTF hub rose by 3.4% to around €76 per megawatt-hour, while ING analysts warned that the market remains vulnerable to potential disruptions.

Meanwhile, Reuters reports that European demand for LNG remains strong, while competition with Asian markets could affect prices during the winter.

The situation is further complicated by the EU’s preparations to reduce imports of Russian gas even further, as part of the REPowerEU plan.

The European Commission has announced that it will closely monitor supply, reserves and prices over the coming months.

Despite reassurances from Brussels, a colder-than-usual winter or new supply disruptions could increase pressure on energy costs for European industry and consumers./ Monitor