LNG TANKER - Ship at dawn moored to the gas terminal

Europe will soon run out of natural gas supplies, and now its fate depends on two insidious forces: Putin and the weather, according to Bloomberg. EU underground gas storage facilities have never been as empty as this winter

Europe will run out of gas in the next two months due to the return of frosts and small gas reserves in underground storage facilities, according to the American Bloomberg, referring to the predictions of surveyed economists and business people.

“It’s hard to understand how you can achieve the required amount of gas stocks in storage without additional supplies from Russia via Nord Stream 2 or existing routes,” said Massimo Di Odoardo, vice president of consulting firm Wood Mackenzie.

Among the reasons for the upcoming crisis in the EU are the reduction of its own gas production and the shortage of gas on the market – there are not enough reserves from Russia and liquefied natural gas (LNG) from the United States.

“We are facing the two coldest months of winter and there are concerns that Europe could run out of gas,” said people in a Bloomberg poll.

“The energy crisis has hit the (EU) bloc at a time when security of supply was not on the agenda of European politicians,” said Mssimo Miccinilli, head of energy and climate at Fleishman Hillard’s EU advisory firm. The expert expects that the energy crisis will maintain price volatility, as well as increase political tensions between regulators in Brussels and the leaders of the 27 member states of the Union

In the midst of its energy transition, Europe is shutting down coal-fired power plants, relying on renewable energy sources, according to the text of the American media.

European Union underground storage has resumed net flow since January 3, with gas withdrawal exceeding its injection, following a four-day reverse process from December 30 to January 2 (info: Gas Infrastructure Europe (GIE)), published by Russian media. These were the first days of stock recovery in this heating season, which began on 13 October 2021. The reason for this was the never warmer weather during the New Year holidays in many parts of Europe, caused by the influx of subtropical air.