The European Union is currently racing against time to refill its gas storage before winter. As liquefied natural gas (LNG) exports from the Gulf are increasingly diverted to Asia, the bloc's 90% storage target is now effectively out of reach, according to energy market intelligence company Montel.
With natural gas supplies expected to tighten due to the war against Iran and the effective closure of the Strait of Hormuz, which accounts for roughly 20% of the world's gas transit, the European Commission had allowed EU countries to refill storage levels below 90%, in a bid to prevent panic buying and ballooning prices.
