17:40 - 6.08.2026

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August 6, Fineko/abc.az. The occupancy rate of underground gas storage facilities in Europe declined to 57% as of August 5, the lowest level for this date since 2011.

According to Gas Infrastructure Europe, more than half of Europe's gas storage facilities are currently empty, while this figure was roughly 70% at the same time of 2025.

The main cause for the weak gas injection in the summer was the consequences of the war with Iran, which caused shortages in the global LNG market, rising prices and fierce competition from Asian buyers. The situation was aggravated by interruptions in LNG supplies from Qatar, which formed a backwardation structure (when short-range contracts are more expensive than long-range ones), which discourages companies from pumping gas into storage facilities.

As a result, Europe risks not meeting the target for filling UGS facilities by 80% by early December. Wood Mackenzie experts warn that historically low gas reserves threaten energy security in the 2026/2027 season and may trigger a sharp jump in gas prices between November and March.