Europe does not have a storage crisis. There is plenty of storage to go around. At least for most countries. But having storage in place does not help a lot when it’s half empty. Storing gas in summer to have it in winter costs money. You don’t do that if you assume that you won’t need it or that prices will be low in winter anyhow. And that was the case for quite a number of years. Traders are fast to understand that prices are low because there is too much gas – why fill up storage then? Until things change. Can’t blame the traders for Europe’s short-sightedness.
Just how bad the energy crisis will get in Europe depends on how low the temperature falls in January.