European Union (EU) natural gas storage levels could reach 90% capacity by the end of August, or two months ahead of the Nov. 1 target set by regulators, leaving Europe with too much gas and a shortage of space underground to store any more. 

As a result, an offer from Ukraine earlier this year to store another 10 billion cubic meters (Bcm) in underground gas storage (UGS) may be worth considering, but companies are hesitant to store supplies in a war zone without guarantees.

Natural gas prices in Europe have fallen due to higher-than-normal inventory levels. 

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“There’s a lot of pressure on the market from the high stocks and limited space left...