EU Gas Reserve Withdrawals Remain Well Below Historical Data

The EU’s gas stock withdrawals this winter remain well below levels seen during 2011-2021, suggesting the region has successfully contained demand this winter period, Bloomberg data show.

• Since mid-Nov, it has taken the region 70 days to draw down about 18.6% of its gas storage, meaning it has taken around four days to consume 1% of stockpiles so far this winter period.
• During the 2011-2021 period, the EU drew down an average of 61% in around 162 days, equal to around 2.7 days to consume 1% of storage.
• The EU’s reserve withdrawal season began mid-November, the latest since the winter season 2011-2012.
• EU gas reserves stood at 77.81% of capacity as of 22 Jan, AGSI data show.
• Strong LNG flows, mild weather and solid inventory levels have ensured security of supplies so far this winter and weighed on prices.
• TTF FEB 23 down -10.8% at 58.9€/MWh