Bloomberg: Europe has more gas than it can use. But this may not last long

Anna Kholodnova

The energy crisis in Europe is taking an unexpected turn — now the EU has more gas than it can use.

Bloomberg writes about it.

Against the background of a significant reduction in gas supplies by Russia, European countries are actively preparing for winter, filling gas storage facilities from available sources.

Due to extremely warm weather and successful auctions, European gas storages were almost full even before the start of the heating season. Gas prices have plummeted to less than a third of their peak summer prices.

Risks are still ahead, according to Bloomberg analysts. A sharp cooling will quickly force Europe to actively use its gas reserves. The governments of EU member states are also concerned about the threat of further sabotage at energy facilities — this could raise prices. But as of the end of October, the gas situation is in a better state than politicians had hoped.

"The European gas glut is expected to last until at least December. It is unlikely Europe will see a prolonged cold spell in November,” said Giacomo Masato, lead analyst and senior meteorologist at Italian energy company Illumia.

This estimate coincides with Bloomberg forecasts. According to them, the weather will remain milder than usual, even in November.

According to Gas Infrastructure Europe, European storages are 93.6% full, and German storages are 97.5% full. For Germany, this is only enough for two months of cold weather, so Europe will have to continue importing gas.

So the gas loads are still coming. Northwest Europe is scheduled to receive 82 tankers this month — up 19% from September.