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EU gas storage at 62% as winter target slips amid Hormuz closure and price surge

EU gas storage at 62% as winter target slips amid Hormuz closure and price surge
21 articles·17 sources·updated about 2 hours ago·View in graph
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The European Commission said on Thursday that the European Union’s gas storage levels stood at 62% and that there was no immediate risk to supply security for the coming winter, despite slower-than-usual refilling.

Commission spokeswoman Eva Hrncirova told reporters in Brussels that the bloc’s reserves were “very close to 62%” and that the situation was stable, though she acknowledged a “very volatile context” due to the closure of the Strait of Hormuz and heatwaves straining power systems. She added that the EU was “well on track” to secure winter gas supplies, noting that the bloc does not aim to fill storage to 100% but rather targets around 80% .

Storage levels lag behind last year’s figures, with EU-wide reserves at 74% at the same point in 2025, according to Gas Infrastructure Europe data cited by the Commission. Germany’s storage was just over 50% full, or 123.4 terawatt-hours, while Austria’s stood at 64.2%, or 64.4 TWh .

Natural gas prices in Europe surged to over €65 per megawatt-hour on Thursday, the highest level since March and more than 130% above the start of the year, according to Euronews. The rally was driven by supply disruptions, including the effective closure of the Strait of Hormuz, which accounts for roughly 20% of global gas transit, and reduced Norwegian gas field output. Heatwaves across Europe have also increased electricity demand while droughts cut hydropower and nuclear generation, forcing greater reliance on gas-fired plants .

Energy market intelligence firm Montel reported that Europe’s 90% storage target was now “effectively out of reach” due to LNG diversions to Asia and the Hormuz disruptions. The firm forecast EU storage at 69% to 84% by Nov. 1, depending on LNG availability and injection rates. To reach even 80% by November, Europe would need to attract more than 140 LNG cargoes per month through October, a figure Montel deemed unlikely without a substantial price rise or restored Hormuz flows .

In Germany, Economics Minister Katherina Reiche has faced pressure as the country’s storage levels remain critically low. German gas grid operators have warned that the winter storage target is “practically unattainable,” with reserves at 50.06% as of Aug. 17, compared to nearly 67% a year earlier . Uniper, Germany’s largest gas company, recently warned that the country could miss its winter storage goals without a resolution to the Hormuz conflict .

Consumer advocates in Germany have warned of rising gas prices for households. Ramona Pop, chair of the Federation of German Consumer Organizations, said low storage levels would further tighten energy markets during the heating season, likely leading to higher costs. She advised consumers to check price locks in their contracts and consider switching providers .

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