EU gas reserves stood at just 63% in the final week of August, far below the roughly 80% average for the same period in recent years, the Guardian reported on August 29.

Analysts warn that unless the pace of refilling accelerates, EU gas storage could fall to its lowest level since 2013 by the start of the winter heating season. The deteriorating energy outlook is stoking concerns among households and in energy markets, with "winter panic" sentiment spreading across the bloc.

Geopolitical conflict is the primary cause. Military action by the United States and Israel against Iran has disrupted energy exports from the Gulf region, hampering the EU's ability to secure natural gas supplies and making it difficult to reach the 80% storage target before winter.

Extreme weather has also accelerated the drawdown of reserves. A cold spell in late winter and surging electricity demand for air conditioning during this summer's European heatwaves boosted gas-fired power generation, further depleting already tight inventories.

Data from Gas Infrastructure Europe (GIE) shows the average fill rate at European underground storage facilities is not only well below year-earlier levels but at its lowest for the period since 2013. Cumulative gas injections into EU storage since April total roughly 39 billion cubic meters, equivalent to just 57% of the refill volume needed for the coming winter.

The slowdown in injection rates is directly linked to competition with Asia for available liquefied natural gas (LNG) cargoes and higher consumption during the hot summer months, analysts said.