Europe: Gas Reserves Reached 89.75%

European gas reserves in storage are growing at the forefront of winter. Reserves are approaching the “safety” threshold of 90%, reaching 89.75% (1017.98 TWh).

This is evidenced by the AGSI (platform for Gas Infrastructure Europe, GIE) data updated in mid-August, where Germany occupies the first position with 230.29 TWh (91.92%), followed by Italy, the Netherlands (92.57% / 131.83 TWh), and France (82.87% / 112.98 TWh).

In the meantime, the price of gas keeps rising, with TTF futures reaching 42 euros (+8.2%). According to reports from Italy’s Ansa, this increase is caused by uncertainty related to the risk of a strike in Australia that will affect three liquefied natural gas plants. Trade unions and factory owners have not yet reached an agreement on contract extensions. In the event of a strike, 10% of the world’s gas supplies would be at risk.