‘Winter panic’: EU gas stores at their lowest level in 13 years

As one of Europe’s biggest consumers of gas the UK may be particularly exposed to heightened price volatility Europe is on course to enter the cooler months with gas stores at their lowest level in 13 years, which has triggered “winter panic” among energy traders, experts have warned. The EU’s gas stocks were 63% full in the last week of August, well below the 80% average for late August over recent years and among the lowest levels ever recorded for this time of year. At the current sluggish rate of gas storage injections, the EU is likely to enter the winter heating season with gas stocks about a fifth below the five-year average, and at their lowest level since 2013, according to Greg Molnar, a gas analyst and professor. “Low storage levels are naturally increasing the risk of heightened winter price volatility,” he said in a post on LinkedIn, which could be made worse by “cold spells or slow wind patterns” increasing gas usage over the winter. The UK may be particularly exposed to market volatility, because it is one of the biggest gas consumers in Europe but has some of the lowest levels of domestic gas storage capacity. Typically, the UK relies on imports of g