# On the cusp of Europe's winter season, gas storage hits 10-yr low

> European gas storage has fallen to a 10-year low as the winter heating season approaches. The storage was drawn down last winter due to strong demand and weak renewables generation, with strong underlying power demand.

- Date: 2021-09-23 · published 2021-09-23T12:00:00.000Z
- Category: macro · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/7928-on-the-cusp-of-europe-s-winter-season-gas-storage-hits-10-yr-low
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

Low European gas storage increases the risk of supply shortfalls and fuels competition for LNG cargoes, supporting global gas and nitrogen fertilizer prices. Higher fertilizer and energy costs put upward pressure on feed production costs.

## Read by commodity

- UREA: bullish ▲
- NATGAS: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| UREA | 2021-10-06 | 5 | +31.3% | 5.7 | Record-low European gas storage raised gas prices, the key nitrogen input, which tightened European ammonia and urea supply. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2018-10-16 | [Low US Storage Levels Point to Winter Natural Gas Price Spike Risk - Center on Global Energy Policy at Columbia University SIPA \| CGEP](https://feedsoft.ai/events/62746-low-us-storage-levels-point-to-winter-natural-gas-price-spike-risk-center-on.md) | -2.5% | +19.1% |
| NATGAS | 2021-09-24 | [Europe's gas prices surge but who will cut consumption? Kemp](https://feedsoft.ai/events/7929-europe-s-gas-prices-surge-but-who-will-cut-consumption-kemp.md) | +15.4% | +1.4% |
| NATGAS | 2024-06-18 | [What’s in store for gas and LNG in Europe?  \| Wood Mackenzie](https://feedsoft.ai/events/29958-what-s-in-store-for-gas-and-lng-in-europe-wood-mackenzie.md) | +1.6% | -24.0% |
| NATGAS | 2022-07-05 | [European stock markets tumble on rising fears of recession \| Stock markets \| The Guardian](https://feedsoft.ai/events/10290-european-stock-markets-tumble-on-rising-fears-of-recession-stock-markets-the.md) | +15.3% | +43.6% |
| NATGAS | 2021-10-05 | [Gas price surges to a record high in Europe on supply concerns](https://feedsoft.ai/events/44766-gas-price-surges-to-a-record-high-in-europe-on-supply-concerns.md) | -6.6% | -10.0% |
| UREA | 2021-09-24 | [Europe's gas prices surge but who will cut consumption? Kemp](https://feedsoft.ai/events/7929-europe-s-gas-prices-surge-but-who-will-cut-consumption-kemp.md) | +6.2% | +39.6% |
| UREA | 2021-10-05 | [Gas price surges to a record high in Europe on supply concerns](https://feedsoft.ai/events/44766-gas-price-surges-to-a-record-high-in-europe-on-supply-concerns.md) | +6.2% | +11.5% |
| UREA | 2021-09-30 | [U.S. natgas futures jump to 7-year high on Europe supply fears \| Reuters](https://feedsoft.ai/events/45219-u-s-natgas-futures-jump-to-7-year-high-on-europe-supply-fears-reuters.md) | +31.3% | +34.0% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/cusp-europes-winter-season-gas-storage-hits-10-yr-low-2021-09-22/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.