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EU Gas on Target for 80% by Nov.1

NATURAL GAS

European gas is on track to meet storage targets after finishing July at 69% full despite flows on Nord Stream 1 at zero for 10 days of maintenance in July and now only operating at 20%.

  • The EU target is for 80% by November 1 and 90% by December 1.
  • Net gas storage injections in the EU averaged 381 million cu m/d in July, according to GIE AGSI standing 21% higher on the year and 15% above the five-year average.
  • There are however concerns over the distribution of stocks – with places like France benefiting from an influx of LNG cargoes while Germany is more dependent on Russian piped flows. France is around 79% full, 10% ahead of Germany.
  • Weaker flows into Europe last month did impact July storage injections rates, which were 18% lower than their recent peak in May.


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