In recent weeks, gas storage facilities in the EU have been filled to 63% - significantly below the average of 80% for the end of August in previous years. According to gas analyst Greg Molnar, at the current slow pace of gas injection, the EU is likely to enter the heating winter season with gas reserves about a fifth lower than the five-year average and at their lowest level since 2013, The Guardian reports. "The low level of gas reserves naturally increases the risk of heightened price volatility in winter," warns Molnar in an interview with The Guardian, noting that the situation could be exacerbated by "cold spells or weak winds," which would lead to increased gas consumption during the winter period. The Guardian notes that gas reserves in the EU are below target levels, as the war between the US and Israel against Iran has caused significant disruptions in oil and gas exports from the Persian Gulf region, as well as due to higher electricity generation at gas-fired power plants during the summer heat in Europe. **"Winter panic" in the markets** Gas prices in the European market remained "relatively calm" during the summer due to hopes for the opening of the Strait of Hormuz and replenishing winter stocks, but "no one expects this to happen anytime soon," says Bjørn Schieldrop, chief commodities analyst at the Scandinavian banking group SEB. "As a result, last week there was a sort of winter panic in the European natural gas market," he added. In recent weeks, the price of gas has risen to a three-year high, exceeding 68 euros per megawatt-hour (MWh). Prices have surged amid expectations that market participants in the EU will have to compete with Asian buyers for liquefied natural gas supplies as temperatures drop, experts say. According to analysts at Goldman Sachs, without a resumption of gas exports from the Middle East, the European base gas price "will likely have to exceed 100 euros/MWh" to attract enough gas to meet winter demand. Supply issues are particularly acute in Western Europe, where gas reserves are significantly lower than, for example, in Italy and Poland, which have managed to replenish their gas storage facilities by more than 80%, reports Die Deutsche Zeit.