May 21, 2024 11:08 GMT
EU Building Towards Pre Winter Gas Storage Target Despite Low Injections
NATGAS
Total European gas storage is widely expected to reach EU pre winter target levels well ahead of the heating season despite below normal injection rates so far this summer.
- Injection rates in line with levels seen last year would bring European storage above the EU target of 90% in early to mid August.
- Net injections were 13.8% below the previous five year average levels in the week to May 19 but have risen to just below normal since May 18. Net injections have averaged nearly 30% below normal since the start of April.
- Total gas stores are still near the high end of the seasonal range at 67.15% full on May 19 according to GIE compared to the five year seasonal average of 53.1%.
- Net injections have eased back from a peak on May 12 to average 3,170GWh/d in the week to May 19 compared to the five year average for the period of 3,678GWh/d.
- Storage in Germany is at 175.9TWh (71.1% full), Italy at 142.2TWh (71.1%), Netherlands at 87.2TWh (60.5%), Austria at 76.4TWh (77.2%) and France at 72.2TWh (56.0%).
- TTF JUN 24 down 0.5% at 31.62€/MWh
Source: Bloomberg
Keep reading...Show less
188 words