Despite ongoing supply disruptions, Russian gas continues to play a notable role in buffering Europe’s energy prices, a dynamic highlighted by recent reports from the TASS agency.
Davide Tabarelli, head of Nomisma Energia, notes that Italy’s gas storage at about 97 percent capacity is a reassuring sign for the winter months. Yet he warns that a colder than expected season could necessitate additional imports and purchases. He emphasizes that even with strong storage, Europe would need to ration consumption if imports from Russia diminish further and demand remains high.
Russian gas remains part of Europe’s energy mix, though volumes from Russia are markedly below pre-crisis levels. Despite prices climbing, Tabarelli points out that the quantity available from Russia cannot be fully replaced. European reliance on alternative suppliers has grown, but those suppliers come with their own vulnerabilities. Each disruption, such as the Nord Stream incident, adds a new layer of uncertainty to the gas market.
Early in the IEA week, analysts warned that European industry is at risk due to gas constraints. The message underscored the potential for price pressures and supply gaps that could ripple through manufacturing and broader economic activity.
In the days ahead, there could be scenarios where border-related considerations and market dynamics converge to push EU gas prices higher, prompting careful monitoring of supply routes, storage levels, and regional demand patterns across the continent.