EU urges members to cut gas-storage targets

The EU has urged member states to lower natural-gas storage targets and start refilling reserves gradually to curb demand, as energy prices spike during the U.S.-Israeli war on Iran, the Financial Times reported on Saturday.



Energy Commissioner Dan Jorgensen instructed member states to lower the filling target for their gas storage facilities to 80% of capacity, 10 percentage points below the EU’s official targets, “as early as possible in the filling season to provide certainty and reassurance to market participants”.



The European Commission did not immediately respond to a request for comment.



Gas prices in Europe surged as much as 35% on Thursday as Iranian and Israeli strikes targeted some of the Middle East's most important gas infrastructure, doing damage that will likely take years to repair.