European gas markets are facing renewed winter anxiety as storage levels remain unusually low and the Iran conflict disrupts global energy supplies.
EU facilities were about 64% full on Friday, well below the roughly 80% seasonal average, with Germany just above 50%, the Netherlands around 45% and Belgium near 50%.
Gas prices have consequently climbed above €66 per megawatt-hour, more than twice their level earlier this year, as disruption to Qatari LNG shipments through the Strait of Hormuz increases competition between European and Asian buyers.
Analysts warn that depleted reserves leave Europe particularly vulnerable to a cold winter, weak wind-power generation or further supply interruptions. The pressure comes as the EU continues reducing its reliance on Russian energy, whose share of the bloc’s gas imports has fallen sharply since 2021, raising fresh concerns about energy security and winter price volatility.
