Gas reserves in Europe fell to the lowest since the beginning of SMO on Ukraine

In November, Europe burned a record amount of gas from storage facilities and entered the winter with the lowest reserves in the last two years. The price of fuel exceeds the pre-crisis almost three times.

In November, European companies took 10.6 billion cubic meters of gas from the storage facilities of EU countries. This is a record volume, according to GIE. Such a large selection from storage facilities led to the fact that the European Union entered the winter with the minimum reserves since 2022. On November 30, they amounted to 93.4 billion cubic meters.

In 2023, the European Union began the winter with 102.8 billion cubic meters, and in 2022 - with 98.4 billion cubic meters.

The record consumption from storage facilities is explained by colder and windless weather, when the EU had to increase gas-fired electricity production due to a decrease in wind generation capacity. According to the Institute of Solar Energy Systems. According to Fraunhofer, if in October the share of gas in electricity production in Germany was 10%, then in November it was 17%.

Due to the risks of stopping the Ukrainian transit of Russian gas in 2025 and forecasts of a colder winter, the price of gas on European stock exchanges exceeded $ 500 per thousand cubic meters. On Friday, TTF fuel was traded at $527 on the Dutch stock exchange, and at $ 539 on THE German THE. Prices are almost three times higher than pre-crisis.

Perhaps this was another reason why European companies could take more gas from storage facilities, which they bought at a lower price in the summer and early autumn.

As EADaily reported, in November 2023, gas prices in Europe were higher than this year. However, then the quotes went down sharply, and the countries The EU easily passed the heating season due to the warm winter. This year everything is different. Europe is facing a new energy crisis. Meteorologists, experts and gas companies do not share the optimism of European officials. A colder winter and the stoppage of Russian gas supplies may refresh the EU's memories of the energy crisis of 2022.