EU faces winter gas shortfall

The European Union could face a winter gas shortage of up to 14 billion cubic meters, equivalent to power for between 10 and 12 million European households.

Reserves at lowest level since 2011

The EU's gas reserves have fallen to just above 70 percent, their lowest level for the time of year since records began in 2011, after high summer prices discouraged storage.

Global supply disruptions tighten markets

With gas prices at near four year highs and supply constrained due to the U.S. Israeli war in the Middle East, Europe has limited supply options if winter proves cold.

Storage collapse could force rationing

If liquefied natural gas imports are limited during a cold winter, storage levels could fall to 11 percent, forcing countries to cut demand or buy gas at volatile global prices.

Russian LNG ban cuts supply further

An EU wide ban on long term supply contracts for Russian liquefied natural gas takes effect in January, reducing European gas imports by an additional 7 billion cubic meters.

“Now Europe depends on storage to get through winter.”

Winter demand rising, imports flat

Gas demand over winter has risen in the past two years while imports to the bloc have flatlined, forcing Europe to draw harder on reserves with net drawdowns reaching 22.

U.S. LNG imports would cost billions more

Importing liquefied natural gas from the U.S. to replace lost volumes would cost Europeans an additional 3 billion euros, a 12 percent rise over last year's prices, while U.S. production is near full capacity.