According to Bloomberg, the EU is already using the winter gas saving amid the war in the Ukraine and the unprecedented tensions with Russia. This could pose a serious problem, which in the worst case scenario could mean that the EU would empty its storages by January.
For the first time since April, the EU gas storage has lost percentage in a season when “traders are typically topping up facilities” according to the news agency’s website. Bloomberg and their sources in facts, stress that this is anomalous for this season where reserves should grow for the upcoming winter. Moreover, this is not helping the prices to decrease.
This situation comes after the introduction of Western-made sanctions against Russia justified by the invasion of the Ukraine and the recent technical issues that the Nord stream pipe under the Baltic Sea (transferring gas from east to west) is having, which Gazprom is not sure to be able to resolve quickly (despite Germany saying this issues are “Politically motivated”). With the simultaneous outage of a major liquified natural gas plant in the US which supplies Europe, this could bring to a severe crisis.
Despite all the sanctions, Russia is going toward its biggest gain from the Gas since the start of the war.
According to Bloomberg, the reserves of European gas were at 52% full on Tuesday, with statistics showing a loss of 1%.
Even if this means that reserves should be fine for 5 years, according to some analysts, if the Nord Stream pipe issue will not be solved the EU will be forced to use the reserves stocked last November, which means that the region could run out of gas by next January.