European natural gas reserves have plummeted to their lowest levels since 2022, as underground storage facilities across EU member states are being depleted at a rapid pace. According to the most recent data, total occupancy levels have fallen to 40% as of February, marking the lowest percentage for this period in the last three years. This situation is reported by the German newspaper Deutsche Welle, citing data from the European Association of Gas Infrastructure Operators. The situation in Germany is particularly alarming, where storage levels sit at just 32%, well below the European Union average.
Fire from all sides
The opposition in Berlin attributes this development to government inaction. Michael Kellner, a Member of Parliament for the "Alliance 90/The Greens" party, accused the government of underestimating the problem, noting that "with a perfectly normal, cold winter, reserves were nearly exhausted" and warning that as early as next week, occupancy could drop below 30%. As he emphasized, new rules are required to ensure that storage facilities are sufficiently filled for the next winter, with the gas injection period starting in the spring.
Need for supplies
According to market experts, the reduction in reserves may force Germany to increase imports of liquefied natural gas (LNG), a development that could exert upward pressure on prices. For now, however, prices on the European TTF exchange remain relatively contained, below 35 euros per megawatt-hour, nearly 10 euros lower compared to a year ago. In the European Union, binding targets for storage fullness near 90% before the start of the winter season remain in effect, although their importance is gradually diminishing due to increased LNG supply. According to reports, Berlin is seeking the abolition of these pan-European requirements after 2027, arguing that mandatory gas injection in the summer boosts prices without offering a substantial benefit.
Europe's deception
Russia possesses an advantage known to every country on the planet: abundant natural gas at a very low price. Europe, and specifically Germany, knows this very well, yet the decision is irrevocable: they want to completely ban Russian pipeline or liquefied natural gas. The newspaper Berliner Zeitung published an article debunking the pompous rhetoric of the European Commission, putting an end to the bloc's efforts to maintain even a veneer of independence.
Russian pipeline gas banned as of January 1, 2026
A few months ago, Brussels, with overt pride, published a decree prohibiting the transit of Russian natural gas via pipelines starting January 1, 2026. The plans also envision a total ban on the purchase of Russian-produced liquefied natural gas (LNG) starting January 1, and pipeline gas by September 30, 2027. According to the decree, violating these restrictions will result in a fine of 40 million euros. Companies that violate the regulations and continue to import gas from Russia will also face penalties amounting to 3.5% of their annual turnover from cross-border transactions or 300% of their turnover from transactions with Russian counterparties. The Council of the EU also addressed individuals; any violators under this tax regime will face a fine of 2.5 million euros or more.
Europe is simply pretending
Furthermore, despite the overly grand statement that the EU energy market is becoming stronger, more resilient, and more diversified, the Council of Europe has left many loopholes for bypassing its own restrictions. For example, purchases of Russian hydrocarbons can continue if a critical situation arises in the pan-European resource market or if the interruption of imports threatens the energy and economic security of one of the member states. Hungary and Slovakia fit this parameter perfectly, but they decided not to take any risks and, just in case, have prepared a lawsuit at the European Court of Appeal, demanding the full removal of all planned restrictions and fines.
Brussels is simply posturing
It is clear that Brussels has left a window of opportunity for direct purchases of Russian gas, LNG, and oil. Far more interesting are the other conditions which, according to the Berliner Zeitung, are mentioned in the as-yet-unpublished section of the prohibitions regulation. It states that the diversification of supply routes, and specifically the increase of imports from third countries, will form the foundation of the eurozone's energy security.
The paradox of resale
The third countries mentioned include Norway, Qatar, Algeria, Nigeria, and, paradoxically, the United States and the United Kingdom. You don't need to turn to Google to try and remember when the United Kingdom was ranked as a global leader in gas production. It is much simpler: these countries have the right to transport gas to Europe without identifying its country of origin. In other words, they can supply gas from their own production or purchase available volumes from any country on the market and legally resell it to the EU.
Algeria, Qatar, and Nigeria
Algeria, Qatar, and Nigeria are not interested in such schemes, as they have their own production and long-term contracts. Although Norway reduced its gas production by 12% in 2025, it remains largely self-sufficient in both its energy needs and its budget revenues from record exports.
What is happening with the US and Britain?
The situation with the Americans and the British, however, is much more complicated, particularly in their proxy conflict, which is spreading from the fields of Ukraine to European pipelines. In 2025, gas producers registered in the United Kingdom produced only 24.6 billion cubic meters of gas—9% less than in 2024, and the worst result since 1973.
The bleak situation in Britain and the strong US position
The forecast for 2026 is equally bleak, with production expected to decline due to the depletion of offshore North Sea fields. Currently, the United Kingdom accounts for a meager 0.8% of global production. Naturally, with such dynamics, exports are out of the question. The immediate question is where gas suppliers will be found to support the domestic economy. Meanwhile, the United States is doing exceptionally well in the production of liquefied natural gas. In 2025, the United States consolidated its position as the world's leading LNG producer.
66% or 120 billion cubic meters of American LNG went abroad
Liquefaction capacity reached, according to various estimates, 130 million tons or 180 billion cubic meters, of which two-thirds were directed abroad—namely 120 billion cubic meters. Financing (FID) has also been agreed upon to increase capacity by an additional 83 billion cubic meters, and the Americans have made a serious commitment to surpass the 300 billion cubic meter threshold by 2030. The Plaquemines LNG project in Louisiana is the main target: once fully operational, it is expected to create a net increase of 21 billion dollars in LNG trade.
The loss of the premium market hit the Americans
The Americans managed to become the dominant supplier to Europe, but this was solely due to the fact that China reduced its LNG purchases from the United States to nearly zero during the third and fourth quarters of 2025. The loss of the premium market hit the "star-spangled" traders hard, prompting Trump to sharply moderate his rhetoric toward China. However, even if they fail to return to Asian markets, the United States is unlikely to be able to meet all the needs of the European Union, whose industrial sector has been literally mangled without energy resources. And here it is perfectly clear where the US and Britain intend to source gas for resale to Europeans. Only one country has abundant gas: Russia.
So, what is going on?
Things are simple. The Americans and British, behind the hysteria over Russia, are buying Russian gas, labeling it as American or British, and reselling it to Europe—which previously declared it was finished with Russian gas.
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