EU Says Gas Storage at 62% Poses No Immediate Supply Concern

The European Commission has sought to allay fears over the bloc's natural gas reserves, stating that current storage levels are adequate and there is no immediate cause for alarm. Speaking on Thursday, a Commission spokesperson confirmed that gas storage across the European Union stands at 62% of total capacity.

This reassurance comes as member states grapple with a slower-than-usual build-up of reserves before the colder months. The pace of filling has been hampered by elevated gas prices, which have discouraged companies from purchasing fuel for storage. The price surge is attributed to the ongoing conflict between the United States and Israel involving Iran, which has injected volatility into global energy markets.

For context, EU-wide gas storage at this time last year was significantly higher, having reached 74% of capacity, according to industry data. While the current figure trails that mark, the Commission's assessment suggests that the existing buffer is sufficient to meet near-term demand without triggering supply disruptions.