European gas storage tops 50% but remains at five-year low as LNG imports slump

Tight supply fundamentals persist despite the milestone, with LNG flows at a 22-month low and injections down 19% year-on-year, keeping upward pressure on European natural gas prices.

By Handelsavisen Newsroom · Automated 2026-07-06 14:18 UTC · 1 min read

European underground gas storage (UGS) facilities have crossed the 50% fill threshold, holding 54.7 billion cubic meters as of early July.

While the milestone marks a technical recovery from June’s 49.09% level, stocks remain at their lowest point for this time of year in five years, according to calculations by TASS based on Gas Infrastructure Europe data.

The slow pace of refilling is driven by a 19% year-on-year decline in gas injections, which has failed to offset consumption and export flows.

The headline figure masks a persistent supply deficit.

Current reserves are 11 billion cubic meters below the same period last year, reflecting a structural shortfall that has kept European natural gas prices elevated.

The slow pace of refilling is driven by a 19% year-on-year decline in gas injections, which has failed to offset consumption and export flows.

Compounding the tightness is a sharp contraction in liquefied natural gas (LNG) imports.