**Europe enters winter with record-low gas reserves: Germany on the brink**

Europe is starting the heating season with the lowest level of gas storage filling since 2009. The EU average is 71%, against a seasonal norm of about 87%. Germany looks the worst: only 57%.

_What broke the market_

The traditional model of "buy cheap in summer — sell in winter" has not worked for the second year in a row. Summer prices exceed winter futures, and it has become unprofitable to fill storage facilities. The reasons:

· reduction of Russian pipeline gas supplies;
· shift to LNG, which is more expensive and depends on world prices;
· disruptions of supplies from the Middle East due to the conflict with Iran and the situation in the Strait of Hormuz.

_Warning from operators_

"With a negative seasonal price difference and the sale of capacity below cost, it is impossible to ensure long-term operation and investment in gas storage," said Michael Schmeltzer, head of Uniper Energy Storage.

_What this means for Europe_

Bloomberg forecasts: a cold winter or new supply disruptions will force the EU to buy LNG at high prices. This will hit the power sector, increase inflation, and create additional problems for the poorest EU countries.

_Strategic reserves — almost a fiction_

Germany and the Netherlands are only now considering creating strategic reserves. Otherwise, the situation in the EU is this: reserves exist in only nine countries, totaling about 12 billion cubic meters — that is only 13 days of average consumption.

Germany plans to create its reserve only by 2027.

_Bottom line_

Replacing "dangerous" Russian gas has been achieved. All that remains is to solve the "minor" problem: Europe is entering winter with empty storage facilities and without a working market mechanism for replenishing them. If the winter turns out to be cold, the count will not be in percentages of profitability, but in days of autonomy.

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