Bloomberg: Europe Burning Through Gas Reserves at Unprecedented Rate

Europe is burning through its gas reserves faster than at any time in the past seven years, according to Bloomberg. The agency analyzed the reserves of natural gas in storage and found that they have decreased by 25 percentage points. The last time this happened was in 2018.

Experts emphasize that the weather has become colder in most countries of northwestern Europe, which will provoke further withdrawals of gas from storage. It was previously reported that natural gas prices in European countries have reached their highest level since October 2023. This is partly due to the suspension of transit from Russia through Ukraine. Last year, Gazprom supplied about 15 billion cubic meters via this route, which accounted for about 5% of the total consumption in the EU. Kiev has repeatedly stated its intention not to renew the transit agreement. As of January 1, supplies have ceased.