Europe Braces for a Winter Energy Crisis as Gas Reserves Run Low
Offers Another 17 Million SPR Barrels as Fuel Crisis Deepens Trump defended his controversial Russian… Felicity Bradstock is a writer and journalist based in Mexico City.
She writes for energy websites and covers several other industries, as well as writing… After months of elevated energy prices, Europe can expect fuel costs to continue rising through the winter months as demand grows.
Ongoing energy trade constraints and threats to energy infrastructure across the Middle East are expected to limit global energy supplies and continue to drive up prices, hitting consumers hard unless governments intervene.
The European Union (EU) is thought to have paid an additional €100 billion on oil and gas so far this year, prompting EU ministers to seek ways to manage the impact of high fuel prices.
Since 2022, the extra costs of energy have surpassed€900 billion, even as total demand has fallen.
The price of natural gas in Europe has more than doubled since theoutbreakof the U.S.-Israeli-led war in Iran.
This winter could be the most challenging in terms of energy supplies and prices since the start of Russia's war on Ukraine and the subsequent sanctions on Russian energy.
Meanwhile, EU energy commissioner Dan Jorgensen haswarnedthat the winter months could be challenging amid “very high” oil and gas prices, although he reassured consumers that no supply issues are expected.
Jorgensen also proposed postponing the introduction of rules to reduce methane emissions on energy imports to help ease pressure on European energy markets.
Gas storage has fallen to its lowest level since 2022.
In September, across Europe, gas storage stood at around67 per cent full, compared with a seasonal average of around 80 per cent.
Germany, which has the largest storage capacity in Europe, is roughly half full, and is expected to miss its official 80 per cent storage target this year.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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