Gas storage levels in the Netherlands fell to 5.8% of total capacity on Tuesday, the lowest level recorded in at least a decade, according to Dutch gas infrastructure company Gasunie.
The decline comes as Europe continues to grapple with volatile energy markets following disruptions linked to the Middle East conflict.
Gasunie said the combination of supply cuts and sharply rising prices has created uncertainty over how quickly storage sites can be replenished ahead of the next winter season.
Current market prices, the company noted, provide little incentive for traders to purchase gas now and store it for later use.
Data from Gas Infrastructure Europe shows Dutch gas reserves are currently the lowest in the European Union, well below the bloc’s average storage level of about 28%. The situation has raised concerns in Brussels about the pace of refilling ahead of winter.
EU Energy Commissioner Dan Jorgensen recently urged member states to begin replenishing gas storage earlier than usual and suggested using flexibility in EU rules to lower mandatory storage targets from 90% to 80%.
The move aims to prevent a rush to fill storage later in the year that could push prices even higher.
Despite the low reserves, Gasunie said there is no immediate risk to gas supply in the Netherlands as liquefied natural gas imports remain stable and the winter heating season has ended.
However, storage levels are expected to decline further in the coming weeks before the official refilling season begins in April.
Two major storage facilities are set to be fully depleted by the end of March as gas trader GasTerra winds down operations following the shutdown of the Groningen gas field in northern Netherlands, once Europe’s largest natural gas field.
To prevent shortages, the Dutch government has tasked state-owned energy firm Energie Beheer Nederland (EBN) with stepping in if private market participants fail to meet storage requirements.
The government last year also announced a 21.6 billion euro loan facility to support EBN in securing enough gas supplies and ensuring the country meets its storage targets before next winter.