European Union faces gas supply risks as storage levels fall

European Union energy ministers gathered in Luxembourg on 29 October to address growing energy supply and cost concerns across the region, Euronews reported. Officials in Brussels stated that there is no immediate threat to supply, but acknowledged that the ongoing pricing crisis is evolving into a supply crisis. [1]

According to Euronews, EU gas storage facilities were at 74 percent capacity on 20 October, marking the lowest level recorded for that period since 2011. About 50 million Europeans are currently unable to heat their homes as the region enters the winter season. [1]

Euronews also reported that energy prices have surged following the closure of the Strait of Hormuz, which usually transports one fifth of global oil and gas supply and has been shut for nearly eight months. Brent crude oil reached $110 per barrel, while natural gas prices rose by 140 percent to exceed €100 per megawatt-hour for the first time since 2022. [1]

Earlier in the year, severe heatwaves affected Europe starting in late May 2026, breaking temperature records across multiple countries including France, Germany, Italy, Spain, and the United Kingdom. [3]