Europe ‘approaching energy crisis territory’ as gas levels dip to ‘historically low’ levels

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Europe is "approaching energy crisis territory" with gas stockpiles at historic lows, analysts have warned.

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The continent is set to hit winter with gas storage at three quarters full, compared to a 90 per cent average over the past five years.Supplies have been run down because of the war in Iran and the closure of the Strait of Hormuz, with up to a fifth of the world's supply disrupted.

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Currently, across Europe, gas storage facilities are around half full.

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TRENDING Stories Videos Your Say This is "an historically low level at this time of the year", according to energy consultancy Wood Mackenzie.At the same time, demand in Asia has rebounded to 2025 levels, meaning competition with Europe is growing.

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Massimo Di-Odoardo, Head of Gas and LNG Research at Wood Mackenzie, said that, even in a best-case scenario, European storage might only be 75 per cent full by November."That's well below the 90 per cent average of the past five years ahead of winter," he said.

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