European Gas Storage Hits All-Time Low

Gazprom reported on May 23 that gas injection into European underground storage facilities (UGS) reached a historic low on May 20, according to Gas Infrastructure Europe.

This marks the lowest replenishment level in the entire history of observations for these facilities. On May 20, even Germany and France—the largest economies in Europe—were forced to switch to net extraction from their underground storage facilities, meaning they removed more gas than they injected.