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End of March Storage Estimate Lower due to Less Demand Destruction


The end of March storage estimate from Bloomberg has been lowered from 49% to 39% full due to less demand destruction.

  • A steep drop in spot prices and cheaper forward curve could revive demand especially from the power sector and with increased residential and commercial use next winter.
  • The lower March storage forecast highlights the increasing risk the European market faces for 2024.
  • They forecast gas demand savings in the region of 23bcm in May23 to Mar24 compared to the 2016-2020 average.
  • Plentiful LNG and continued demand destruction could see Northwest Europe, Italy and Austria completely fill gas storage by the end of September according to Bloomberg.

Source: Bloomberg

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