European gas storage nears 93% capacity as LNG supplies and prices stabilize

European underground gas storage (UGS) facilities are nearly full, with reserves reaching almost 93% as of September 8, according to Gas Infrastructure Europe (GIE).

On that day, 160 million cubic meters of gas were pumped into the UGS facilities, while 46 million cubic meters were withdrawn, News.Az reports.

Currently, European UGS facilities are 92.99% full, which is 6.6 percentage points above the five-year average for this date, holding approximately 103 billion cubic meters of gas.

In August, total LNG supplies to Europe’s gas transport system dropped to the lowest level since October 2021, though they have since increased in September. Regasification facilities are operating at 33% capacity. The average gas purchase price was $437 per 1,000 cubic meters in August and around $423 in September.

News.Az