Gas stocks are at record levels. The situation could lead to insufficient gas supply in the future

Thanks to relatively warm weather, increased LNG deliveries and lower demand, Europe managed to end the winter season with record-high gas stocks. These are now above the average for the past five years. Less gas will therefore need to be injected into storage over the coming months, which could affect subsequent market developments.

The level of gas storage in the EU stood at 625 TWh on 1 April, equivalent to 55% of storage capacity and more than double the level recorded in April last year. This also represents more than half of the total 1,129 TWh of available storage capacity.

The limited amount of available storage capacity means Europe has room to inject one of the smallest volumes of gas in the past ten years. Although the amount of gas injected into storage in 2023 will be among the lowest on record, consumption—and therefore demand for gas—is expected to rise again after this season.