It has been crunch time since European gas storage levels hit seven-year lows in June, and the gap has widened every week since.
EU gas storage is at 60.4% as of Friday, August 14, 12.9 percentage points below the same time last year.
The European Average Hides a Wider Gap
The EU average disguises part of the problem.
Poland, at 89%, and Portugal, at 86%, are nearly full. Germany, however, has the largest gas storage system in Europe and currently sits at 50%, while the Netherlands is at 42% and Belgium at 44%.
These storage systems are exactly the ones that help carry Northwest Europe through a cold January.
A Thinner Buffer Heading Into Winter
A mild winter would relieve a lot of the pressure, and LNG could close part of the gap.
However, the buffer is thinner than it has been over the last few years, and the countries holding the least gas also have some of the most demand to cover.
With TTF winter 2026 contracts trading at an all-time high today, this winter will certainly be interesting for both gas and power.
Data: GIE AGSI+.
