Europe Calls To Fill Gas Storage Early

Written by Martin Lynch, European News Editor for IIR News Intelligence (Sugar Land, Texas)

Summary

European nations need to start stockpiling natural gas early this year in order to avoid a possible gas crunch due to the war in Iran.

Start Filling Up Now

The European Union (EU) has called on its Member States to start filling their gas storage systems much earlier than normal in an effort to avoid spiking already high gas prices due to the worsening conflict in Iran. 

Energy Commissioner Dan Jørgensenhas written to EU energy ministers urging them to start filling gas storage now as opposed to later in the summer. The call is for "slow & steady" purchasing so as not to cause a late summer rush for gas and another massive spike in gas prices. Natural gas prices in Europe have shot up by 60% since the start of the conflict, just four weeks ago. "Developments in Iran and the wider region threaten regional and global security," Jørgensen wrote in his letter, seen by media. "When it comes to energy, this situation and the attacks on energy infrastructure are significantly impacting global oil and gas markets."

The Impact on Future Gas Storage

"Security of supply remains relatively protected at this stage due to the limited reliance on imports from this region and LNG cargoes that passed the Strait of Hormuz before the conflict," Jørgensen wrote. "But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage injections." He added that slow and steady purchasing of gas now and in the coming months will "mitigate pressure on prices and avoid (an) end-of-summer rush". 

Lowering Gas Storage Targets

Jørgensen also told energy ministers that EU countries can lower their mandated storage levels to 80%, 10% lower than the usual required 90% target by December 1. A further reduction of 5% can be tolerated in unfavorable market conditions. After Russia's invasion of Ukraine in 2022, the European Commission (EC) raised the mandatory levels of storage for Member States from 80% to 90%. 

Storage Levels Today

The call for early gas purchasing comes as Europe's gas storage levels have fallen to a record low of below 30% in the past month, due to a severe winter spell in January. For additional information, see March 3, 2026, article - European Gas Prices Surge 45% on Iran Conflict. Data from Gas Infrastructure Europe (GIE) shows that gas storage levels are at just over 28%, with some countries in a more precarious situation than others. The Netherlands' storage level has fallen to less than 7%, followed by Sweden at 14.6% and Croatia at 17.1%. 

Securing Future Supply

The latest outlook from Gas Infrastructure Europe (GIE) highlighted the ongoing importance of underground gas storage (UGS) in "a rapidly changing European energy system." GIE stated: "UGS remains the only large-scale flexibility source capable of supporting the energy system during prolonged cold spells, periods of low renewable output, or simultaneous shocks across gas and electricity systems." The outlook, Securing Future Supply: Quantifying Gas Storage Needs for a Resilient and Integrated European Energy System, covers the period 2030-40 and found that withdrawal capacity becomes more decisive for security of supply than stored volumes alone. The key findings are: 

• Gas storage will increasingly support the power system, with gas-fired generation required to back up wind and solar during low-output periods.

• UGS is expected to supply more than half of peak winter demand during two-week stress events in both 2030 and 2040 scenarios.

• High filling levels at the start of winter remain essential, as withdrawal capacity decreases when inventories are lower.

• Under extreme shocks, capacity margins narrow sharply, highlighting the need for a stable and predictable long-term storage policy.

Key Takeaways

• EU nations urged to start stockpiling gas now at a "slow & steady" pace
• The EU wants to avoid a summer-rush for gas cargoes that will send prices even higher than now
• The EU is lowering the acceptable storage target by 10% to 80% in light of the growing gas crisis caused by the Iran war sparked by U.S. and Israeli attacks last month. 

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