New gas storage requirements in Germany will come into effect this Tuesday

On Tuesday, new targets for gas storage refilling, allowing for its smaller volumes, will come into effect in Germany. By changing the requirements, the country's authorities aim to ease price pressure in the European gas market caused by efforts of member states to stockpile the fuel.

After supply problems that led to sharp spikes in gas prices earlier this year, Germany outlined new targets for restocking last week.

The new targets cut the amount of gas that must be placed in storage by Nov. 1 by nearly half (depending on the type of reservoir). Overall, German reserves should be about 70% full by that date if the targets are met.

These actions of the German government are aimed at curbing speculation on the gas market. This is especially important ahead of the EU's planned review of the region's storage refilling targets. Bloomberg reports that lawmakers are considering lowering the target value to 83%. The bloc's parliament is set to vote on the issue this week.