Bloomberg: European gas reserves drop to lowest level since 2009

BRUSSELS, Aug. 03 (YPA) – Bloomberg has warned of a looming dilemma for Europe in securing its natural gas supplies for the upcoming winter, following a drop in EU gas storage levels to their lowest point for this time of year since record-keeping began in 2009.

According to the agency, European natural gas storage levels have dropped to 57.1% full at the start of August.

This situation is driven by high market costs from Middle East conflict and the closure of the Strait of Hormuz, which have severely impacted global gas prices and supply flows.

Utilities and traders typically buy natural gas during the summer, when prices are lower, and store it in depleted fields and salt caverns for use in winter, heightening pressure on Europe to cover its energy needs as winter approaches.

@E.Y.M