Due to colder weather and a reduction in LNG imports, which have caused a sharp increase in demand, natural gas storage facilities in Europe are depleting at the fastest pace since the energy crisis of 2021.

In particular, as the Financial Times points out in an article, the European Union is emptying gas reserves at an uncontrolled rate.

According to data from Gas Infrastructure Europe, gas volumes in EU storage facilities fell by about 19% between the end of September and mid-December.

In the last two years, the decline has been in single digits, with higher temperatures keeping inventories full for longer.

Europe is much more dependent this year on its underground reserves to meet lower LNG inflows and meet increased demand, said Natasha Fielding, head of gas pricing at Argus Media.

Meanwhile, Asian countries have boosted LNG purchases due to lower prices, which has reduced imports to the EU.