NATGAS: Current Prices Incentivise Gas Storage Withdrawals: AGGM
Jan-30 12:36
Austrian natural gas storage fell to 63.6% capacity, after a cold snap and wholesale costs gave consumers incentive to draw down reserves, Bloomberg reports citing AGGM.
- Withdrawal rates have been higher this year due to colder weather compared to last winter and stronger power-generation demand.
- “The current price situation is also supporting withdrawal activities”, AGGM Executive Board Member Bernhard Painz said. “Wholesale prices for summer 2025 are significantly higher than those for winter 25/26 and even more so for calendar 2026, which means that the economic incentive for market participants to withdraw gas from storages is high”.
- AGGM says there is “sufficient liquidity is available on the international spot markets” to cover demand.
- Across Europe, net withdrawal rate from gas storage in the week to Jan. 28 averaged 20% below normal at 5,462GWh/d compared to 32% above normal the previous week at 9,390GWh/d.
- European gas storage is currently 55.1% full, 15 percentage points below the same time last year.
- Assuming average weather conditions, European gas storage is expected to be 27% full by end-March, before rising to 70% by end-September, just enough to meet storage targets, according to BNEF.
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