Europe Enters Winter With 15-Year Low Gas Reserves as Prices Hit 3-Year High
Updated
Updated · The New York Times · Sep 18
Europe Enters Winter With 15-Year Low Gas Reserves as Prices Hit 3-Year High
2 articles · Updated · The New York Times · Sep 18
Summary
Europe is heading into winter with its lowest gas reserves in at least 15 years and its highest gas prices in more than three years, leaving the region unusually exposed.
The squeeze has been intensified by the war in Iran, which has driven up oil, gas and other energy prices even as Europe relies heavily on gas for winter heating.
About one-third of European homes use gas for heat, and analysts say a mild winter is now critical to avoid a sharper hit to households and the broader economy.
Europe imports little gas directly from the Middle East but depends more on U.S. LNG, leaving it vulnerable to global bidding wars as cargoes flow to the highest-paying buyers, including in Asia.