Europe will exit the winter heating season with another record level of natural gas reserves, which could keep the bloc safe from rising prices and another energy crisis next winter, analysts say.

EU gas storage facilities were 59 percent full as of March 25, a week before the end of the big gas storage withdrawal season on March 31, according to data from the European Gas Infrastructure Corporation.

Although 100% full gas storage facilities account for only about a quarter of the EU’s winter consumption, high levels of reserves at the start of refilling season in April will allow Europe to meet its target ahead of schedule and by the first November, 90% of its reserve capacity will be completed.

However, this year may be the last year of Russian gas imports through Ukraine as the multi-year transit agreement expires on December 31 and Ukraine and the European Union have announced that they will not renew the transit agreement. This puts the members of the EU in Central Europe like Austria and Slovakia in the most vulnerable position for gas supply.

Last month, Austria’s Energy Minister Leonore Gewessler said her country is looking to reduce its dependence on Moscow and terminate the long-term contract that Austrian energy giant OMV has with Gazprom.

Austria's energy minister stated that their goal is to eliminate Russian natural gas. As an independent country, we cannot accept this dependence. The share of gas imports from Russia is increasing instead of decreasing.

Thanks to full storage ahead of the 2023-2024 winter, milder weather and continued LNG imports, the European natural gas price index fell to a three-year low in February, below levels seen before Russia's February invasion of Ukraine in February 2022.

Research firm Wood Mackenzie said in a report earlier this month that thanks to a mild winter and abundant gas reserves, gas prices in Europe may fall as low as $6.70 per million British thermal units (MMBtu) this summer.