EU Gas Storage Reaches 62%, Leaving Roughly 40 Bcm of Capacity to Refill

EU storage capacity is roughly 1,100 TWh, equivalent to about 100 bcm of gas. A 62% fill rate therefore represents approximately 680–700 TWh, or 62–65 bcm in storage.

The 62% figure means storage alone currently holds gas equivalent to roughly one-fifth of annual EU consumption. Storage is particularly important during winter because daily demand can substantially exceed incoming pipeline and LNG supply.

Europe Still Needs About 28 Bcm to Reach 90%

Moving inventories from 62% to 90% requires approximately 28 percentage points of total storage capacity, or around 28 bcm.

Reaching 95% would require roughly 33 bcm of additional injections, while filling storage completely would require close to 38 bcm.

That makes injection rates through the remainder of the refill season a key market variable. Europe must source those volumes primarily through pipeline imports from Norway and North Africa and LNG deliveries from global suppliers.

Russia's Role Has Shrunk Sharply

Before the 2022 energy crisis, Russia accounted for roughly 45% of EU gas imports. That structure has changed substantially.

Russian pipeline volumes have fallen sharply, while Norway has become the EU's largest pipeline supplier. LNG has also taken a much larger share of the European supply mix, with the United States becoming the dominant LNG supplier to Europe.

Another structural change came on January 1, 2025, when Russian pipeline gas transit through Ukraine ended after the transit agreement expired.

Remaining Russian pipeline deliveries into the EU are concentrated primarily through the TurkStream route. Russian LNG remains part of European imports, however, meaning the bloc has reduced rather than completely eliminated its exposure to Russian gas.

LNG Is Now the Main Swing Supply

Europe's expanded LNG infrastructure allows utilities to replace disrupted pipeline volumes with seaborne gas.

But LNG is price-sensitive. European buyers compete for cargoes with major Asian importers including China, Japan and South Korea. Strong Asian demand can therefore increase the price Europe needs to offer to attract LNG.

The relevant risk has shifted from physical availability to price. A disruption to Norwegian production, LNG export outages, stronger Asian demand or unusually cold weather could lift European gas prices even with storage above 60%.

Four Numbers to Watch

The market now has four main variables:

• Storage: currently around 62%.
• 90% threshold: requires another ~28 bcm.
• Norwegian pipeline flows: Europe's largest source of pipeline supply.
• LNG arrivals: increasingly important for balancing seasonal demand.

Dutch TTF gas prices provide the fastest market signal when expectations for any of these variables deteriorate.

At the current storage level, the Commission has little reason to expect an immediate supply shortage. The more important test is whether Europe can add roughly 28 bcm to inventories and approach 90% before winter withdrawals accelerate.