Germany's natural gas inventory remains low, with institutions and government holding differing views

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智通财经2026/11/02 10:07

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Germany’s natural gas inventories are significantly below the 15-year seasonal average as a cold wave approaches. As the largest economy in Europe, its buffer against consecutive cold spells is limited. Persistent low temperatures will accelerate inventory drawdowns and increase reliance on high-priced alternative liquefied natural gas supplies.
According to inventory data reported by German news agencies, Germany’s natural gas stocks were about 61.2% last Saturday, below the average level of 70% expected by Sunday. In past years, the 15-year average for the same period was about 91%.
This target is set according to two combined rules: the German Federal Network Agency stipulates that storage sites must hold 80% by November 1, and a 45% requirement for six designated sites, leading to an overall requirement of roughly 70%.
The German government says the gap does not constitute a problem. A spokesman from the Ministry for Economic Affairs stated that even at current inventory levels, Germany’s natural gas supply is secure for this winter. The Federal Network Agency also said supply security is guaranteed and continues to assess the risk of tight supplies as low.
The storage industry, however, is more cautious. The managing director of the German Storage Association (INES) described failing to meet the target as a “serious warning,” stating that Germany is entering the heating season with less safety reserve, and warning of vulnerability in the event of abnormally low temperatures.
Last week, the EU benchmark TTF natural gas price closed at €104 per megawatt hour, the first time since the 2022 energy crisis. European gas prices are currently about 11 times higher than prices in the United States.
Data from a few weeks ago show that EU gas inventories experienced their first decline of the year, with limited buffer overall before winter. Europe needs to compete with Asian buyers for LNG cargoes in the open market, and prices may continue to rise.

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Germany's natural gas inventory remains low, with institutions and government holding differing views

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