Why is Germany gas storage so low this February?

A colder start to winter, lower injections in late autumn, and steady industrial demand reduced inventories. Compared with last year’s 56%, stocks near 33% leave less buffer for late cold snaps. LNG arrivals also vary week to week, so timing gaps can appear. The result is a tighter balance and higher price sensitivity.

Can unused LNG capacity offset the shortfall?

Unused regas capacity helps, but it is not a guarantee. Terminals need booked cargoes at workable prices, plus shipping and pipeline coordination. If global LNG is tight or Asia pays more, actual deliveries can lag. Capacity on paper may exceed practical inflows during peak periods, keeping spot prices jumpy.

What does this mean for European gas prices?

Lower inventories raise volatility. Weather shifts, LNG delays, or outages can move prices quickly. If Germany ends winter low on gas, summer injections may pull more supply, supporting seasonal prices. Spreads between prompt and summer contracts can widen, signaling tighter balances until storage rebuilds to comfortable levels.

Who bears the higher refill costs?

Utilities front the cash for injections, then recover costs over time through tariffs and contracts. Energy‑intensive firms can face higher bills if summer prices rise. Buyers often stagger purchases and hedge portions to smooth expenses. Strong balance sheets and credit access help manage working capital during peak procurement months.

What should investors in Germany watch next?

Track daily storage data, LNG schedules, and weather updates. Monitor policy news on a strategic gas reserve or demand measures. Watch prompt versus summer spreads for stress signals. Companies with flexible energy procurement, diversified supply, and prudent hedging are better placed if volatility persists into the refill season.

Global Market Insights

February 03: Germany Gas Storage Slumps to 33%—Refill Cost Risk

ByDanny Kontos February 3, 2026February 3, 2026

Germany gas storage has fallen to about 33% as of 03 February, compared with 56% a year ago. Industry models warn levels could slip toward 14% by end‑March even with normal weather. Officials cite unused LNG capacity, yet the tighter balance signals price volatility and higher summer refill costs for utilities and energy‑intensive firms. We explain why this matters for European gas prices, how Germany LNG imports fit in, and what investors in Germany should watch next.