European natural gas storage levels have dropped to their lowest point for this time of year in 18 years, signaling a tightening supply environment as the continent heads into the autumn heating season.
The decline marks a significant deviation from historical seasonal norms, with underground facilities holding just 54% of capacity as of late July, according to recent data.
This shortfall represents the widest gap between current stocks and typical levels in nearly two decades, raising concerns about potential supply constraints.
The deteriorating inventory picture has intensified market focus on supply security.
Gazprom has highlighted the worsening situation, noting that the lag in filling rates is becoming increasingly pronounced.
With storage levels well below the five-year average, the risk of price volatility has increased, particularly if weather conditions turn colder than expected or if supply disruptions occur.