EU gas storage is 95% full, but this does not give absolute certainty
EU natural gas storage is already 95% full, data from Gas Infrastructure Europe shows , after the bloc reached its target of having 90% full storage well ahead of its self-imposed binding deadline in August. on November 1st.
In mid-August, the EU achieved its target of filling gas storage facilities to 90% capacity 10 weeks ahead of the November 1 deadline. This result is in line with last year, when EU countries reached the 90% target on August 18, the European Commission said two months ago.
Now EU storage is 95% full at the start of the heating season. According to the data, this year's storage level is slightly lower than last year's, but higher than the 2017-2021 average and 2022 storage levels.
Gaducts from Russia to Europe
Major economies and gas markets, such as Germany and Italy, have their stocks more than 97% full, while Austria, which still depends on gas flows from Russian pipelines, had its stocks full for 93.73% as of this weekend.
However, the stored gas would not be enough to cover Europe's needs for the winter and the volumes of stored gas are slightly lower than this time last year, mainly due to fewer LNG cargoes arriving.
As Europe prepares for winter amid uncertainty over gas flows from Russian pipelines, LNG imports have increased in recent weeks. Let us remember that as of January 1st the transit agreement for Russian gas in Ukraine ceases and Kiev no longer wants to renew it, and this will create a big problem for some Central European countries, with Austria being tested .
Now that more cargoes are heading to Europe, supply concerns may ease, but prices are set to rise due to growing seasonal demand and competition between Europe and Asia for LNG supplies . Additionally, conflict in the Middle East and fears of its spread to the region are driving up natural gas prices in Europe in the early hours of Monday.
TTF gas price in Euros
Dutch TTF natural gas futures, the benchmark for gas trading in Europe, were up 2% at $43.42 (40.00 euros) per megawatt hour (MWh) at 12.42pm on Monday. Amsterdam.
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The article EU gas storages are 95% full, but does not give absolute certainty comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/gli-stoccaggi-di-gas-della-ue-sono-pieni-al-95-ma-non-da-la-certezza-assoluta/ on Tue, 22 Oct 2024 06:00:59 +0000.