Soaring temperatures across Europe and parts of Asia have driven up energy consumption, increasing global demand for natural gas and straining European inventories, Bloomberg has reported.

According to the outlet, EU underground gas storage is currently around 62% full — far below the seasonal norm of 80% — raising concerns about supply ahead of the winter heating season. This shortfall is largely due to increased use of air conditioning during a prolonged heatwave.

At the same time, extreme weather in Asia has led to a surge in gas demand there, diverting shipments away from Europe as global buyers compete for limited fuel supplies. European natural gas futures have consequently reached near two-week highs, indicating the region will have to pay more to secure deliveries.

Despite these challenges, analysts at Goldman Sachs suggest the EU could still fill storage to the target level of 80% by the end of summer.

The European Union relies on imports for nearly 90% of its gas needs, with Russia continuing to supply a notable share despite sanctions. In May, European Commission President Ursula von der Leyen reaffirmed the EU’s goal to eliminate all Russian oil and gas imports by 2027 under the REPowerEU initiative, which also seeks a shift toward renewable energy.

However, member states such as Hungary and Slovakia — heavily dependent on Russian pipeline gas — have criticized the plan, citing potential shortages and rising costs. Both countries have opposed the EU’s 18th sanctions package targeting Russia’s energy and financial sectors, urging Brussels to consider exemptions or concessions.

Moscow has argued that EU sanctions are ultimately backfiring, triggering record energy costs and contributing to the region’s economic slowdown. Germany has already slipped into recession, and economic growth across the bloc remains sluggish.