What is the current status of European gas storage levels, and how does it compare to the EU's target?

European gas storage facilities are currently just above 35% full, which is significantly below the seasonal norm of around 50% and far short of the EU-imposed target of 90% to be reached between October and early December. This low level makes the system vulnerable to supply disruptions, especially with summer — the critical refill period — already progressing poorly.

According to Equinor, what would be the impact on European gas stocks if the Strait of Hormuz were closed for one to three months?

Equinor Senior Vice President Helle Ostergaard Kristiansen stated that a one- to three-month closure of the Strait of Hormuz could make Europe's gas storage situation 'critical', as low inventories and distorted price signals — with winter gas contracts cheaper than summer ones — are already hindering stockpiling efforts; even if flows resumed immediately, storage might only reach a 'tight' 75%, not the targeted 90%.

Europe Gas Stocks Could Turn Critical if Hormuz Shut for 1–3 Months, Equinor Says

May 21, 2026

Equinor warns Europe risks critical gas shortages if Strait of Hormuz disruptions persist for 1–3 months amid low 35% storage levels. High prices may curb demand, yet meeting the EU’s 90% winter target remains challenging without market adjustments.

reuters

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