economy
February 3, 2026
EU gas reserves plunge to lowest level since 2022
European gas reserves have fallen below 50% for the first time since the escalation of the Ukraine conflict, the FT has reported
TL;DR
- EU gas storage is at its lowest level for this time of year since the 2022 energy crisis.
- Reserves are at 43% of capacity, totaling 490 terawatt-hours as of January 29.
- European gas prices have seen a significant rise, with the Dutch TTF benchmark hitting a ten-month high of €42.60 per megawatt-hour.
- The EU is increasing reliance on US LNG due to reduced Russian pipeline supplies.
- New legislation mandates the end of all Russian energy deliveries by the end of 2027.
- Storage levels in the Netherlands have fallen to 27.8%, the lowest recorded for January 28.
- Gazprom reported that Europe has withdrawn over 81% of its stored gas for the current heating season.
- Before the Ukraine conflict, the EU imported 45% of its gas from Russia.
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