Gas withdrawals from European underground storage (UGS) facilities have accelerated to their fastest pace for July in six years, driven by a continent-wide heatwave.
The surge in demand for cooling and power generation is rapidly depleting reserves that entered the summer at historically low levels.
This shortfall was the result of a 19% year-on-year decline in gas injections during the spring filling season, leaving the continent with a thinner buffer than usual ahead of the traditional summer drawdown period.
The rapid drawdown comes at a critical juncture for European energy markets.
Storage facilities ended June with stocks at just 49.09%, marking the lowest fill level for the period in five years.
This shortfall was the result of a 19% year-on-year decline in gas injections during the spring filling season, leaving the continent with a thinner buffer than usual ahead of the traditional summer drawdown period.
The combination of weak initial stocks and accelerated summer withdrawals raises concerns about supply adequacy for the upcoming heating season.