Gazprom warns EU gas storage levels are dangerously low at 28%

Wednesday 01 - 11:45

By: Dakir Madiha

Gazprom warns EU gas storage levels are dangerously low at 28%

Gazprom chief executive Alexey Miller described natural gas reserves in European Union storage facilities as dangerously low on Monday, warning that stocks may not even reach 70% of capacity before the next winter withdrawal season begins.

Citing Gas Infrastructure Europe data as of March 28, Gazprom reported that EU storage sites were filled to just 28%, down from 33.5% at the same date in 2025 and 58.7% in 2024. A dozen EU countries, including Austria, Italy, the Netherlands, and Poland, were still drawing down gas reserves despite the heating season nearing its end.

Germany, France, and the Netherlands, among the bloc's largest gas consumers, averaged storage levels of just 17.4%, while Dutch underground facilities held only 5.3% of capacity, a record low since observations began in 2011. Reuters reported last week that Dutch storage had fallen to its lowest level in at least a decade, with operator Gasunie warning that high prices make it uncertain whether market participants will refill reserves to required levels by November. Two major Dutch storage facilities could be fully depleted by end of March, according to industry forecasts cited by Gasunie. Since the heating season began in October 2025, EU countries have withdrawn more than 69 billion cubic meters of gas, exceeding summer injection volumes by 5.7 billion cubic meters.

The storage shortfall comes as Europe faces an energy price shock triggered by the conflict in Iran. The closure of the Strait of Hormuz and strikes against energy infrastructure in the Gulf region have pushed European natural gas prices up nearly 90% since late February, with Dutch TTF futures rising from around €31.50 to roughly €54.50 per megawatt-hour as of March 26.

European Energy Commissioner Dan Jørgensen wrote to member states urging them to begin refilling reserves earlier than usual and to lower the winter storage target from 90% to 80% of capacity, with additional flexibility to fall as low as 70% under difficult conditions. "It is essential that we start our preparations for next winter on time and in a coordinated manner," Jørgensen wrote.

The European Commission's Gas Coordination Group stated last week that no immediate risk to supply security has been observed, but acknowledged that storage levels are well below the five-year average. Euronews reported that current levels represent roughly half the 10-year seasonal average of 58%. Analyst Andres Cala of data provider Montel warned that prolonged supply disruptions can lead to sharp price spikes, severe economic consequences, and increased energy poverty comparable to the fallout from Europe's 2022 gas crisis.