Europe's summer gas storage has plummeted to a 17-year low as stockpiling efforts for the winter have effectively ground to a halt due to soaring liquefied natural gas (LNG) prices triggered by the Middle East war.

According to Bloomberg on the 3rd (local time), the storage rate in European Union (EU) gas facilities stood at a meager 57.1% as of early this month, falling well short of the recent five-year average of 74%.

Bloomberg reported that this is the lowest figure since relevant statistics began in 2009, deepening concerns among governments as the heating season is only about two months away.

European energy companies typically purchase and stockpile gas in storage facilities during the summer when prices are relatively low for use in the winter, but this year they are delaying LNG purchases for winter stockpiling as gas prices surge due to the Middle East conflict.

Bloomberg also reported that disruptions in LNG supplies from the Middle East to Europe have led to an increase in Europe's imports of Russian LNG.

According to the German non-profit organization Urgewald, Europe's imports of Russian LNG in the first half of this year increased by 16% compared to the same period last year.

The EU has paid a total of 5.96 billion euros (approx. 9.8 trillion KRW) to Russia for gas, with France, Belgium, and Spain tallying large purchases of Russian LNG.

In particular, Bloomberg noted that Belgium imported all 400,000 tons of its natural gas from Russia last month, showing total dependence on Russian natural gas.

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