EU gas stocks reach 90% ahead of schedule

As of August 16, the European Union filled its gas storage facilities to 90.1%. This is two months ahead of schedule.

This is stated on the Gas Infrastructure Europe (GIE) website.

"This will help us be safe this winter. Together, we are weaning ourselves off Russian gas," European Commission President Ursula von der Leyen wrote on her social media.

At the same time, analysts warn of unstable prices due to the cold winter and a possibility of Europe “scrambling for energy.”

The price of TTF futures, the European gas benchmark, fell by more than 2.5% on August 18 but remained at a high level.

"Europe will have to compete for liquefied natural gas in the winter independent of current storage level," said Sindre Knutsson, partner at Rystad Energy.

Europe is now more vulnerable to global energy shocks. One such shock is currently taking place in Australia, where possible labour strikes could affect the global LNG market and reduce flows.

Australia is not a key supplier of gas to Europe. But if, for example, Asian countries have to look for alternatives to Australian gas, this will increase Europe's competition for energy.