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Gas reserves in Europe exceed 70% of capacity

Brussels, August 7 (Prensa Latina) Underground gas storage in Europe reached 70,35% of its capacity, according to a report by the association Gas Infrastructure Europe.

According to the source, the European Union requires its members to fill 90% of these facilities by November 1, a rule that could push up fuel prices.

Analysts estimate that Europe will need to inject at least 61 billion cubic meters of LNG, 50% more than last year, to meet the regulatory target.

In June, the continent registered a record monthly LNG import (12.2 billion cubic meters), although the pace slowed in July. The European Commission allowed a 10% flexibility in exceptional cases, but experts warn of possible tensions in the winter market.

During the last winter season, Europe imported 63 billion cubic meters of LNG, the third-highest volume in its history.

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