In brief
Data from TASS and the EU’s own monitoring indicate that EU gas storages are slightly under the required 75 % level, with injections meeting only 75.5 % of the volume needed for the season. While the EU Commission allows a 10‑point margin, national authorities continue to draw on reserves as winter heating kicks in, raising concerns about supply security.
European underground gas storage (UGS) facilities register 74.89 % of their capacity as of 28 October, according to calculations by TASS using data from Gas Infrastructure Europe, falling short of the 75 % target set for the beginning of the heating season, even after a record surge in liquefied natural gas (LNG) imports.
Underground gas storage facilities are large underground caverns or depleted reservoirs that hold gas for seasonal balancing; they are critical for smoothing supply during periods of high demand such as winter heating months. The 75 % threshold is a performance benchmark established by the European Commission to ensure that member states have sufficient inventories to meet peak seasonal demands.
As of 28 October, the EU’s aggregate storage holds approximately 82 billion cubic metres (bcm) of gas, 9.4 bcm less than a year earlier, and the lowest level since 2013, the side‑by‑side comparison shows a clear downward trend even when new LNG deliveries increase the inflow.
During the spring injection season that began in April 2026, EU operators injected only 75.5 % of the volumes required to reach the winter target, amounting to a shortfall of roughly 51 bcm. The figure reflects the difficulty of filling the required space before the heating peak, despite the additional freight of LNG barges and tankers.
In addition, several member states recorded net withdrawals from UGS for the second consecutive week, a pattern that marks the start of the heating season in a low‑reserve context. This withdrawal trend indicates that demand is already outpacing the top‑up of inventories in many countries.
By contrast, a separate report from the EU’s monitoring portal stated that storage reached 75 % of its capacity as of 21 October 2026, illustrating a differing assessment of the same period. The discrepancy underscores the need for harmonised data collection and reporting across the sector.
Under European Commission requirements, all EU countries must ensure that their gas storage facilities are 90 % full between 1 October and 1 December each year, with a built‑in 10‑percentage‑point flexibility margin for difficult filling conditions. Falling short of 75 % therefore risks breaching the minimum threshold even when the margin is applied.
Energy ministers in the European Council convened on September 30 2026 to discuss winter security and electricity network charges while noting that UGS had reached 75 % and that wholesale electricity prices briefly touched €100/MWh, a figure linked to constrained gas supplies and higher operating costs.
On October 27, the European Authority for the Cooperation of Energy Regulators (ACER) released a statement warning that winter weather could spur higher LNG demand if temperatures drop, creating a feedback loop that would further strain storage levels and price stability.
Following the storage shortfall, Gazprom’s market forecasts indicated that European inventories might fail to reach the 75 % threshold, hinting at a challenging fall‑winter period for utilities and consumers alike.
In market reaction, wholesale gas prices have spiked in the last weeks, with some spot markets approaching €100 per megawatt hour. The steep price increase reflects a scarcity premium that traders associate with low UGS levels and a projected shortfall in summertime deliveries.
To hedge against supply uncertainty, European regulators are examining alternative storage technologies, including membrane‑based gas compression and cross‑border storage agreements, while also encouraging storage operators to optimise injection schedules and reduce leakage losses. Continued monitoring under the EU’s monitoring portal will be essential to assess whether policy adjustments can close the gap ahead of the next winter period.
