EU gas storage levels reached 80% of working capacity over the weekend, standing 10 bcm below their 3y average and the lowest since Russia’s invasion of Ukraine.
EU gas storage injections surged by 30% (or 20 bcm) yoy since the start of April, totalling at almost 50 bcm. this strong filling was sufficient to reduce the EU gas storage deficit (vs 3y average) from almost 20 bcm in April to 10 bcm by early Sep.
Considering 3y average fill rates, the EU could fill up its storage sites to around 87% by the end of the October, which typically marks the start of the effective heating season. this would be around 6% below their 3y average, and could incentivise stronger LNG imports through the winter, especially if we have colder temperatures.
What is your view? how will the gas market play out? where do you see fill levels moving?
Source: Greg MOLNAR
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