EU Gas Storage at Risk: Germany's Levels Lag Behind as Market Stays Nervous

Half Full or Half Empty? EU Gas Storage Faces Uneven Recovery

The European gas market is showing renewed signs of nervousness. TTF second-month futures jumped over 5% from Tuesday’s low, indicating traders are pricing in increasing supply risk and structural imbalances.

📉 Despite recent progress in filling storage sites, the pace is uneven, and markets remain volatile ahead of next winter.

Germany Lags Behind in Gas Storage Levels

Data from Gas Infrastructure Europe (GIE) shows that while the EU-wide average gas storage level stands at 52%, Germany’s level is just 44%. This sharp disparity has raised alarms among policymakers and market participants alike.

📍 The Breitbrunn storage facility, reportedly the third-largest in Germany, has failed for the second time to attract buyers for additional storage capacity—triggering market concerns over underutilization.

Positive Trend Narrowed the Deficit—But Challenges Remain

Gas storage in the EU had filled faster in previous years, narrowing the gap with the 5-year seasonal average. However, experts warn this might be insufficient going into colder months unless the current pace improves significantly.

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Conclusion

The European gas storage outlook remains precarious. While short-term trends show improvement, Germany's lagging performance and market underconfidence suggest that the continent faces a steep climb to ensure energy security for winter 2025. The volatility in TTF futures reflects this reality, making this a critical space to monitor in coming weeks.