FX.co ★ EU gas reserves reach their highest level

According to estimates from Gas Infrastructure Europe (GIE), gas reserves in Europe reached a whopping 97.89%. Analysts suppose that it is the highest level since the record began.

GIE pinpointed that the previous record of 97.84% was seen on October 28, 2019. At present, the EU has 107.75 billion cubic meters of gas in its underground storage.

Such a jump in gas reserves occurred amid a conflict between Palestine and Israel. Notably, Israel has suspended production at Tamar, one of its largest gas fields. Tamar's gas was exported to neighboring Egypt.

The shutdown of the gas field may impact Egypt's ability to export LNG and meet its domestic demand. In other words, Egypt will have to reduce gas exports to Europe.