Europe has gone into “winter panic” mode as EU states’ gas reserves drop to the lowest levels in over 13 years.
The Guardian reported on Saturday that traders are bracing for soaring prices amid the US war on Iran and EU energy sanctions on Russia.
Gas storage facilities in the EU are currently at the lowest level recorded since 2013, with the shortfall feeding a “winter panic” among traders, according to the British outlet.
The European Network of Transmission System Operators for Gas (ENTSOG) reported that gas reserves are at around 64 percent as of Friday, compared to around 72 percent on the same date in 2013.
Experts say this level of storage is far below the 80 percent average maintained during this season in recent years.
Officials blame the shortage on poor commercial incentives for traders to buy gas now and store it for selling in the winter.
European countries have historically been less reliant on energy storage because of their easy access to sources in Russia and the Persian Gulf.
However, the continued US and Israeli war in West Asia, particularly the US-Israeli war on Iran, has severely disrupted energy traffic through the Strait of Hormuz, causing a greater shortage.
Bjarne Schieldrop, chief commodities analyst at SEB, told The Guardian that the European energy crisis will be resolved when the war ends.
“No one expects it to happen any time soon,” he noted. “As a result, the European natural gas market has run into a bit of a winter panic over the past week.”
Gas analyst Greg Molnar told The Guardian that “low storage levels are naturally increasing the risk of heightened winter price volatility.”
EU gas shortage comes from the closure of the Strait of Hormuz that disrupted Qatari LNG exports. While Qatar supplied only 6.6 percent of LNG to the EU in the first quarter of 2026, compared to the 57 percent supplied by the US, the US-Israeli war in West Asia has intensified competition between European and Asian buyers for energy, prompting a rally in gas prices.
The gas shortage also comes as the EU maintains sweeping sanctions on Moscow and has vowed to wean itself off Russian energy.
Russia had provided around 45 percent of the EU’s gas imports in 2021, which was supposed to rise much higher but was stopped due to the Nord Stream pipeline sabotage, plunging Europe into a shortage.
As a result of the cut in supply, gas prices have risen to more than €300 per megawatt-hour, hitting industry and consumers alike, with EU countries reeling from soaring inflation and costs of living.
Hungarian Foreign Minister Peter Szijjarto predicted that Europe is “destroying” itself by turning down the cheap gas provided by Moscow.
