Europe has made the most of a seasonal lull in demand to fill gas storage facilities well ahead of schedule. However, the energy crisis is far from over. Germany is still at risk of running out of gas this winter, according to strategists at ANZ Bank.

Risks of energy shortages worsening are high

“The situation in Germany is perilous. Its gas inventories can cover two months of peak demand. As temperatures fall through Autumn, demand for heating fuels will rise significantly above the current supply. As it stands, the country could run out of gas in early 2023.”

“Risks of energy shortages worsening are also high. Russian gas producer Gazprom has highlighted that several other turbines on the Nord Stream require maintenance. Ultimately Germany would need to be successful in cutting natural gas consumption by 15% to keep gas storage facilities from running empty.”