EU Gas Storage to Reach Only 76% Capacity Amid Strait of Hormuz Blockade.

EU Gas Storage Fill Forecasts

According to Espreso.tv: Financial analysts project that European Union gas storage facilities will be filled to 76% by the end of the injection season. Currently, these storages stand at 48% capacity, marking a significant improvement from the season's start when they were just 28% full. The primary driver behind this shift is the blockade of the Strait of Hormuz during the US-Iran conflict, which has disrupted the gas market.

Gas Prices and EU Plans

Gas prices have dropped following a ceasefire agreement, injecting optimism into the market. Specifically, if Qatar can resume its production by the end of July, forecasts indicate storage levels of 74% at the start of winter. However, if production recovery is delayed by a month, that figure could fall to 70%. Experts estimate that 80% storage capacity would be sufficient to meet winter supply demands.

Additionally, starting January 1, 2024, the EU plans to ban imports of Russian liquefied natural gas, which currently accounts for 14% of total imports. In March 2026, experts warned of a potential surge in European gas prices, possibly exceeding 100 euros per megawatt-hour. These factors create a unique situation in the gas market, demanding close monitoring by analysts and EU member governments.

The European gas market remains tense, particularly given the possibility of future price increases due to the planned ban on Russian gas imports.

Amid global geopolitical shifts and internal economic challenges, EU countries must be ready to adapt their energy strategies to ensure supply and price stability. Market monitoring and adaptation to new conditions remain critical for the region's energy security.