European gas market faces 'winter panic' - The Guardian The British newspaper The Guardian reported that the European gas market is facing a "winter panic" due to low gas storage levels ahead of the heating season. At the end of August, reserves were only 63% full, while the minimum acceptable level is 80%. For now, there is no physical shortage of gas, but a sharp price increase is inevitable. Prices have already doubled since the beginning of the year and stand at €68 per MWh.