The volume of gas reserves made by the European Union exceeds its needs, Bloomberg reported.

According to the agency, European countries rushed to import gas from all over the world to fill its storage facilities. Now that Europeans haven't even turned on the heat yet, the gas storage facilities are almost full. Gas prices have also fallen to around a third of their summer peak.

The authors of the publication emphasize that risks still remain.

Much depends on the weather, and a sudden cold snap will quickly cause Europe to start spending its reserves. Governments are also concerned about the threat of new sabotage of energy assets that could bring down the market, the article says.

According to Giacomo Masato, lead analyst and senior meteorologist at Italian energy company Illumia, Europe could see a gas glut until early December.