Europe gas reserves lowest since 2013, IEA says

Europe is entering winter with natural gas storage at its lowest level since 2013, the International Energy Agency warned Tuesday, saying the situation could keep pressure on the international market into 2027.

The IEA said European storage reservoirs were 75 percent full at the end of October, below the European Union's minimum target of 80 percent.

The agency cited several factors, including damage to natural gas liquefaction facilities in the Gulf during the US-Iran war, reduced transit through the Strait of Hormuz and delayed European buying after storage levels were low at the end of the spring heating season.

The IEA said gas injections into storage this season were about 4 percent below the five-year average. It said European countries will be more dependent on extra liquefied natural gas supplies to meet peak demand and could be more vulnerable if winter is colder than usual, technical problems hit gas networks or supply problems develop.

Germany said Monday it would have enough gas for winter despite missing a storage target. German storage facilities were 61 percent full on average, below a legally mandated target of 70 percent by November 1 and below the EU average of nearly 75 percent, according to the storage platform AGSI.