Europe Faces Energy Crisis as Gas Reserves Hit Historic Lows
Europe is on the brink of an energy crisis as gas reserves have reached historically low levels, with storage facilities only half full. Analysts from Wood Mackenzie warn that Europe is likely to enter winter with gas storage at just 75% capacity, significantly below the five-year average of 90%. The situation is exacerbated by the ongoing conflict in Iran and the closure of the Strait of Hormuz, which has disrupted up to a fifth of the world's gas supply. Additionally, increased demand from Asia is intensifying competition for limited LNG supplies, further driving up prices. The UK, while having limited storage capacity, benefits from significant LNG import infrastructure, providing a different kind of resilience. 
