Overview

• German gas inventories are about 76.5% full, roughly seven percentage points below pre‑war averages after higher consumption last winter.
• Storage operators’ group INES projects a realistic maximum near 81% by Nov. 1 and cautions that stocks could be depleted by late January in an extreme cold scenario.
• The Bundesnetzagentur says supply security is not defined by storage alone, citing four North Sea LNG terminals and possible imports from France, Belgium and the Netherlands.
• The government eased the Nov. 1 storage goal to 80% and retains contingency options including compelled purchases or direct state market intervention if needed.
• Market players blame slower injections on elevated summer prices, with Dutch TTF gas trading near €33 per megawatt-hour.