Europe runs out of gas reserves, struggling to compete for LNG with Asia

Châu Anh |

European gas reserves are at a record low as the region is having difficulty in replenishing LNG, amid supply competition with Asia.

On September 2, according to TASS news agency, the amount of gas in European underground storage is at its lowest level since data was recorded in 2011, increasing the risk to supply in the region before the heating season.

According to calculations based on data from the European Gas Infrastructure (GIE), the amount of gas withdrawn from European reserves in August reached 771 million m3, the highest in 5 years and an increase of 11% compared to the same period last year.

Meanwhile, the amount of gas pumped into warehouses decreased by 8%, to 10 billion m3. The difference between the amount pumped in and withdrawn in August was only 9.2 billion m3, 9% lower than the same period last year and among the lowest in 12 years.

As of the end of August 2026, European underground gas depots have only reached 65.39% capacity, 16.76 percentage points lower than the average of the same period in the past 5 years. A year ago, this rate was 77.7%.

This is also the lowest level recorded at the end of August since 2011. The European Union (EU)'s storage facilities currently contain about 71.5 billion m3 of gas, 14 billion m3 less than the previous year and the lowest level since 2013.

TASS previously warned that Europe is at risk of entering the heating season with record low gas reserves. With the current rate of replenishment, the region's gas depots may only reach 70-75% capacity when the autumn-winter season begins, the lowest level ever recorded at the beginning of the heating season.

At the request of the European Commission, EU countries must bring gas in storage up to 90% of capacity at a time from October 1 to December 1 every year. The EU allows a flexible margin of 10% in conditions where storage is difficult.

To achieve the target for the 2026-2027 winter, Europe needs to pump at least 68 billion m3 of gas into storage. To date, the region has only supplemented about 41 billion m3, equivalent to 60% of the necessary amount.

The storage progress is affected by competition with Asia in purchasing liquefied natural gas (LNG), especially in the context of conflict in the Middle East, along with high fuel prices and extreme heat waves in June and July.

In August, the amount of LNG from European receiving ports brought into the EU gas transmission system reached about 9.1 billion m3, an increase of 8% compared to July but a decrease of 6% compared to August 2025.

In the past 5 years, Europe only imported less LNG in August 2024, with 7.3 billion m3.

In the first 8 months of 2026, LNG from ports receiving into the European gas transmission system reached about 90.3 billion m3, down 2.8% compared to the same period in 2025.

Châu Anh
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