Germany’s gas storage levels fall to a historic low for this time of year

Germany’s Energy Storage Initiative Association latest data shows that the country’s natural gas storage facilities have dropped to their lowest mid-year levels since records began in 2011. Sebastian Heinemann, a senior official at the Energy Storage Initiative Association, told Deutsche Presse-Agentur: “Germany’s current storage levels are the lowest ever recorded for this time of year, setting a new historical low.” He explained that the country’s natural gas storage facilities are currently 49% full, compared to 67% at the same time last year. On the 20th, the German Ministry of Economic Affairs stated that the government will pay close attention to this situation as reflected by the data, but gas supply security cannot be determined based on this indicator alone. With current information, it is expected that there will be no natural gas shortages this winter. In addition to gas transported via Norwegian pipelines and pipelines from neighboring European countries, Germany also imports liquefied natural gas to ensure supply. Due to the conflict involving Iran and disruptions in the Strait of Hormuz shipping route, German natural gas prices have remained high throughout the summer, leading traders to reduce their winter stock purchases. As the current procurement cost for natural gas often exceeds the price it can be sold for in the winter market, businesses lack the economic incentive to store more natural gas. The German Ministry of Economic Affairs stated that contingency plans are being prepared, and if the situation worsens, relevant measures can be activated quickly and in a targeted manner. (Xinhua News Agency)