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EU Gas Storage Back Within Five Year Range After Recent Withdrawals

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Energy BulletsCommodities

Total European gas storage is back within the previous five year range at 61.77% full on April 28 according to GIE after withdrawals last week and despite a return to net injections this week. Stores however remain well above the five year seasonal average of 46.5% full.

  • Net withdrawals were seen from April 22-26 amid curtailed Norwegian supply due to maintenance and with colder weather across much of Europe in the week. Norwegian capacity outages due to planned maintenance are expected to range between 48.58mcm/d and 72.8mcm/d until May 9.
  • The week to April 28 saw net withdrawals of 465GWh/d compared to the five year average showing net injections for the period of 3,190GWh/d. Recent days have however seen a return to a net injection of 1,771Gwh/d on April 28 assisted by warmer weather across Europe.
  • Storage in Germany is at 165.1TWh (67.1% full), Italy at 126.8TWh (63.4%), Netherlands at 78.5TWh (54.5%), Austria at 72.7TWh (74.2%) and France at 62.3TWh (48.3%).
    • TTF JUN 24 up 4.2% at 29.24€/MWh
    • TTF Q3 24 up 4.1% at 29.8€/MWh
    • TTF WIN 24 up 3.8% at 34.56€/MWh

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Total European gas storage is back within the previous five year range at 61.77% full on April 28 according to GIE after withdrawals last week and despite a return to net injections this week. Stores however remain well above the five year seasonal average of 46.5% full.

  • Net withdrawals were seen from April 22-26 amid curtailed Norwegian supply due to maintenance and with colder weather across much of Europe in the week. Norwegian capacity outages due to planned maintenance are expected to range between 48.58mcm/d and 72.8mcm/d until May 9.
  • The week to April 28 saw net withdrawals of 465GWh/d compared to the five year average showing net injections for the period of 3,190GWh/d. Recent days have however seen a return to a net injection of 1,771Gwh/d on April 28 assisted by warmer weather across Europe.
  • Storage in Germany is at 165.1TWh (67.1% full), Italy at 126.8TWh (63.4%), Netherlands at 78.5TWh (54.5%), Austria at 72.7TWh (74.2%) and France at 62.3TWh (48.3%).
    • TTF JUN 24 up 4.2% at 29.24€/MWh
    • TTF Q3 24 up 4.1% at 29.8€/MWh
    • TTF WIN 24 up 3.8% at 34.56€/MWh

Keep reading...Show less