German gas stocks are at lowest pre-winter level in years amid Middle East disruption

#Germany’s natural gas stocks are worryingly low for this time of year.

The nation’s main non-European source of supply is trapped in the Strait of Hormuz. Households are already rationing consumption – another worrying sign for a troubled economy.

Our chart tracks storage as a share of annual consumption: at roughly 15%, current levels are running well below September inventories in any calendar year going back to at least 2017.

The collapse in Qatari seaborne supply is reverberating across the European gas grid.

While German #LNG terminals are mostly supplied with US gas, Germany also imports gas overland via its neighbors – and Belgian and Dutch LNG terminals are not receiving the usual stream of vessels from #Qatar.