European gas storage levels hit five-year low for May, data shows

Gas injections into European underground storage (UGS) facilities fell by 13% in May compared with the same period last year, leaving storage levels at their lowest point for the month in five years, according to calculations based on data from Gas Infrastructure Europe (GIE).

At the end of May, EU gas storage sites were 40.5% full—around 14 percentage points below the five-year average for this time of year and down from 48.3% a year earlier. Total stored gas stood at approximately 44.3 billion cubic metres, Caliber.Az reports per Russian media. 

Gas withdrawals from storage in May reached 863 million cubic metres, up 1.5% year-on-year, while injections fell to a two-year low of 9.4 billion cubic metres.

The data indicates that European operators are replenishing reserves more slowly ahead of the next heating season, contributing to lower-than-average storage levels.

Earlier forecasts from Russia's Gazprom suggested that EU gas storage could fail to reach 70% capacity ahead of winter demand, raising concerns about potential supply tightness during the upcoming heating period.

By Sabina Mammadli