The gas stocks in European underground storage are went down to 34.53%recording a drop of 11.31 percentage points compared to the average of the last five years in the same period. For the first time in three years, the volume has reduced to about 38 billion cubic meters. According to data from Gas infrastructure Europe (Gie), the net withdrawal – or the difference between the volumes taken and those injected – has exceeded 67.5 billion cubic meters from the beginning of the heating season, which started at the end of October 2024.
It goes slightly better toItaly; At the moment it is al 45.53% of its gas storage capacity and over 11 percentage points compared to the European average.
European reserves at a minimum
After two relatively quiet winters, Europe suddenly is in reserve. According to the updated table of the GIE, just under 400 Teramo (TWH) of natural gas remain in the European stocks, about 282 TWH less than the same day in 2024 and 230 TWH under the levels of 2023. We must return to the winter of 2022 to record lower values: on March 15 of that year 289 TWH of natural gas remained.
The main reasons are two. On the one hand, the continent made a greater use of gas supplies: between March 15, 2025 and October 15, 2024, 749.8 TWH of natural gas were taken compared to the 505.5 TWH of the same period of the previous year.
On the other, however, high consumption has not been compensated by input flows: only 60.5 TWH entered the storage, against the 84.3 TWH of the past year. These two negative variations bring Europe to the gates of spring with significantly lower reserves. A gap that will have to be filled with huge purchases in the coming months.
Not all countries are found in the same situation. Sweden, Portugal, Spain, Poland, Austria and the aforementioned Italy have the highest percentages and can therefore remain calm for a while. To influence the overall data are the France and the Germanywhich record 21.6% and 29.8% of residual capacity respectively.
Where does the gas consumed in Italy come from
As already mentioned, Italy is in a better position, with almost 46% of the storage still available. In February, 37.5% of the gas passed through Mazara del Vallo, coming from North Africa. Other significant flows are those of Melendugno (the TAP), which contributed to 15.0%of the total, and of the Cavarzere re -assessors (15.7%), Piombino (7.3%) and Livorno (8.2%). 12.2% of the gas instead go from Passo Gries. As for the Russian gasits presence is now marginal, with 2.7% transited through Tarvisio’s entry.
These levels, very close to zero, mark the end of what until a few years ago was the main source of natural gas for Italy. The diversification strategy pursued by the various governments therefore seems to have achieved, even if at a higher average cost cost than the historical average, influenced by market dynamics.
Prices still uphill
In the first two months of 2025, the national demand for methane in Italy increased by 8%. However, the Ravenna Rigassifierincreasing Italian skills to 28 billion cubic meters per year, equal to 45% of the national demand and the volumes imported from Russia before the conflict.
Meanwhile, the price of the gas is on the rise: at the TTF of Amsterdam, it exceeded 42 euros for MW, with an increase of over 3%. This increase could be linked to the start of the filling season, which will begin on April 1st, when Europe will have to achieve the target of 90% of the stocks for November 1st.
