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Equinor CEO warns Europe may miss 80% gas storage target
Europe’s gas storage is about 54% full, and Equinor’s CEO said slower refill injections leave the region exposed heading into peak winter demand.
Europe may fall short of its goal to refill natural gas storage to 80% ahead of winter, according to remarks by Equinor CEO Anders Opedal covered by OilPrice. Speaking after Equinor’s second-quarter earnings release, Opedal said Europe does not think it will necessarily reach the 80% storage level before winter arrives. He also noted that European gas storage sites are currently around 54% full, well below the seasonal average and the second-lowest level for this time of year over the past 15 years.
OilPrice said the setback reflects injections progressing more slowly than expected during the summer refill season. The slower refill pace is increasing Europe’s exposure as it approaches the peak winter demand period.
The outlet also pointed to stronger Asian LNG demand, which is intensifying competition for flexible cargoes. Since LNG can be redirected quickly based on pricing compared with pipeline gas, Europe is becoming more dependent on securing supplies as buyers in Asia pay premiums.
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