How serious is Europe’s natural gas storage shortfall?
Europe’s natural gas position is uncertain heading into 2022. Strong demand in the first half of 2021 did not allow for a significant build-up of gas reserves in storage facilities prior to the winter period. As a result, Europe has become particularly dependent on imports. Russian reluctance to increase exports and tight liquefied natural gas (LNG) markets have led to concerns that Europe may face an energy crisis this winter, which will see what gas is in storage depleting rapidly. Figure 1 compares gas storage in 2021 with average values between 2016 and 2020. In January, the volume of stored gas was slightly above that average, but by October it had fallen significantly below the average. The figure shows how demand, imports and production have contributed to this change.
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