Russian Cuts Force Europe to Use Gas It Was Saving for Winter
- Reserves fell for first time since EU started active storing
- Energy companies turn to inventories as Russia cut supplies
Russia has slashed gas supplies to customers in Italy, Germany, France and Austria.
Photographer: Liesa Johannssen-Koppitz/BloombergThis article is for subscribers only.
Cuts in natural gas supplies from Russia are forcing European utilities to tap reserves normally used during the peak winter season.
In one of the latest signs of how the region’s energy crisis is escalating, storage levels fell this week for the first time since mid-April, when traders typically start to top up facilities, data from Gas Infrastructure Europe show. That’s helping drive gas futures toward their biggest weekly gain since the Kremlin began its war on Ukraine.