Europe has more natural gas than it knows what to do with. So much, in fact, that spot prices briefly went negative earlier this week.
For months, officials have warned of an energy crisis this winter as Russia — once the region’s biggest supplier of natural gas — slashed supplies in retaliation for sanctions Europe imposed over its invasion of Ukraine. Now, EU gas storage facilities are close to full, tankers carrying liquefied natural gas are lining up at ports, unable to unload their cargoes, and prices are tumbling.
That’s well above the 80% target the bloc set countries to reach by November. “That’s an extremely high level,” Di Odoardo said, noting that the maximum storage level averaged 87% of capacity over the past five years. Europe’s efforts to secure as much fuel ahead of winter as possible has caused a backlog of LNG tankers at European ports, made worse by a shortage of LNG import terminals.
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