finance
Equinor Says Europe Gas Storage Risks Missing Winter Target After Hormuz Disruptions
Equinor executives said Europe could face a natural gas storage shortfall if shipping disruptions through the Strait of Hormuz last another one to three months. Current storage levels sit at 35-37 percent, below the typical 50 percent seasonal level.
May 24, 7:00 PM·1m read1 source
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Senior executives at Equinor ASA warned that Europe risks missing its usual 90 percent storage target for the start of the next winter heating season if disruptions through the Strait of Hormuz continue for another one to three months. Europe entered the current summer refill period with storage at 28 percent after a prolonged winter.
Levels have since risen to 35-37 percent, still below the 50 percent seasonal norm.
The European Union directs member states to reach 80-90 percent storage capacity by early winter. LNG supply disruptions, strong Asian demand, and distorted pricing have increased the cost of refilling storage, Equinor executives stated. The company added that continued disruptions could push Dutch TTF gas prices toward €90 per megawatt-hour, prompting industrial demand reduction and fuel switching.
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