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Europe faces tighter gas inventories with heating season approaching
Gas inventories are at the lowest level in 17 years, and supply for purchase is tighter than in 2022 with EU Russian LNG bans set for January.
Europe is moving toward the heating season with gas inventories at their lowest level in 17 years, and available supply for purchase tighter than it was in 2022, raising the risk of shortages, according to OilPrice.
The tightening outlook reflects the squeeze on liquefied natural gas as European buyers compete with Asia for limited LNG volumes, and a lack of clarity around when some Qatari LNG supply will return.
OilPrice also points to the European Union’s latest gas sanctions on Russia, which are scheduled to take effect from January next year by banning all purchases of Russian liquefied gas after this year’s EU Russian LNG purchases hit an all-time high.
With EU LNG access constrained, OilPrice notes that Belgium sourced its gas from Russia last month, underscoring how import dependence has shaped current procurement needs.
Latest closeNat gas $2.715 ▼0.4%