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Ulviyya Poladova

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Low natural gas storage levels in Europe for this time of year, combined with rising oil and petroleum product prices, are creating new risks for energy markets ahead of the winter season.

According to Greece’s Oikonomikos Tachydromos (OT), European gas storage facilities are currently around 67% full. The publication compares the current situation with the energy crisis of 2022, when energy prices surged sharply.

Ongoing tensions in the Middle East, risks to energy infrastructure and transportation, as well as declining reserves on the market, are putting additional pressure on gas, electricity and fuel prices.

The situation in Greece is being closely monitored ahead of the winter season. If current market conditions persist, heating oil prices could rise to around €1.80 per liter in the new season, compared with approximately €1.13 at the beginning of the previous season.

This means heating fuel prices could increase by as much as 60%, potentially placing significant pressure on household budgets. The Greek government is reportedly considering additional support measures.

Gas storage levels are one of the key indicators of Europe’s preparedness for winter. A sharp increase in consumption during cold weather, coupled with limited alternative supply options, could further increase price volatility.

A new rise in energy prices could affect not only consumer spending but also industrial production, transportation and inflation. European countries are therefore accelerating efforts to increase gas reserves and expand alternative energy sources ahead of the winter season.