Bloomberg has learned about filling Germany's gas storage facilities by 70%

The volume of underground storage facilities in Germany is reserved by more than 70%, which indicates that the pre-winter target has been reached. This was reported by Bloomberg on July 11.

The fall in summer gas prices has contributed to its profitable storage. Last week, according to the newspaper, traders pumped almost 10 TWh of fuel into reserves, the largest seven—day increase since 2022.

It is specified that gas prices fell sharply at the end of June, when Israel and Iran agreed on a cease-fire. From that moment on, they keep their rates low, which makes it easier to replenish stocks.

"If Germany continues to pump gas at the same pace, reserves will be filled by 83% by November 1. According to the estimates of Consultancy Energy Aspects Ltd., they will amount to about 80-85%," the material says.

And oil: Brent is forecast to rise to $100 amid the Iranian-Israeli conflict

How did the markets react to the new round of escalation in the Middle East and what to expect next

Earlier, on June 17, Bloomberg reported an increase in natural gas prices in Europe due to fears of an even greater escalation of the conflict between Iran and Israel. It was clarified that traders feared disruption of gas supplies through the Strait of Oman due to the situation in the Middle East. It, in turn, is considered an important transportation hub for maritime supplies and an obstacle to gas exports from Qatar and the United Arab Emirates (UAE).