European Gas Storage Can’t Survive 3 More Months of Hormuz

AI Summary

European gas storage levels are critically low at 35-37%, far below the seasonal norm of 50%, raising concerns over supply shortages if shipping disruptions through the Strait of Hormuz continue for 1-3 months. Executives at Norwegian energy firm Equinor warn that Europe's energy security could be severely impacted this winter.

Europe could face a critical shortfall in natural gas stocks if shipping disruptions through the Strait of Hormuz persist for another 1-3 months, senior executives at Norwegian energy giant, Equinor ASA (NYSE:EQNR), have warned. Europe entered the current summer refill season with severely depleted gas reserves, with gas stores only 28% full following a prolonged winter. Europe’s storage levels are currently at 35-37%, significantly below the 50% seasonal norm, increasing the risk that the continent will miss its usual 90% target at the beginning…