IEA: EU Natural Gas Reserves Fall Short as Heating Season Approaches

In a report released on November 3, the International Energy Agency said that with winter approaching, gas storage levels in EU facilities are at their lowest since 2013. This could intensify natural gas price volatility over the winter and put pressure on international markets through 2027. The IEA said that as of late October, EU gas storage facilities were about 75% full, well below the EU's minimum target of 80%. This means the EU has less buffer against market supply fluctuations and may need to increase its demand for liquefied natural gas. Due to the EU's efforts to replenish gas supplies, international natural gas prices could be pushed up further. The report said that if this winter is colder than usual, shipments of liquefied natural gas through the Strait of Hormuz continue to be blocked, or technical problems arise in gas pipeline networks, the EU's gas supply burden will increase. (Xinhua News Agency)