Europe is burning through gas reserves faster than at any time in the last seven years. This was reported by Bloomberg with reference to sources, Day.Az reports with reference to Gazeta.ru.
“Europe is burning through gas reserves faster than at any time in seven years as cold weather increases heating demand and temperatures are expected to fall again this week,” it said.
The European region’s vast underground storage facilities, which act as a buffer against denser flows, are just over 70% full, down from about 86% a year ago, according to Bloomberg.
The agency notes that while there is currently no risk of immediate shortages, rapid depletion could make it difficult to build supplies ahead of the next heating season and risks impacting short-term prices.
“The lower storage levels are at the end of March, the harder it will be for the region to replenish them before next winter,” said Samantha Dart, head of natural gas research at Goldman Sachs Group Inc.