The level of gas reserves in Europe's storage facilities has fallen below 50%

Gas reserves in the European Union's (EU) underground storage facilities have fallen by more than 18 percentage points year-on-year to below 50%. This is evidenced by the data of Gas Infrastructure Europe (GIE).

As of February 7 this year, EU storage facilities were 49.9% full, while in the same period last year - 67.76%. In physical terms, Europe has about 55.7 billion cubic meters of gas.

Over the past three months, EU countries have used up more gas than they pumped in seven months.

Unfreezing prices: why Europe is again threatened by gas shortages

The cost of blue fuel may stay at high levels for a long time to come

On the eve, February 7, it was reported that exchange prices for gas in Europe exceeded $600 per 1,000 cubic meters for the first time since October 13, 2023. According to the data provided, since the beginning of the day, the growth amounted to more than 2.5%.

"Gazprom" on January 1, 2025 announced the suspension of Russian gas supplies to the EU via Ukraine. Slovak Prime Minister Robert Fitzo said this would have drastic consequences for the EU, but not for Russia.

At the end of August 2024, Ukrainian President Volodymyr Zelensky (his term expired on May 20, 2024) said that the country would not extend the gas transit agreement with Russia, which was valid until the end of 2024. Russian President Vladimir Putin later pointed out that Moscow did not refuse to transit gas through Ukrainian territory.