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NATGAS: EU Gas Storage Levels Could Fall Below 30%: Shell CEO

NATGAS
Energy BulletsBulletPower BulletsCommodities

Shell CEO Wael Sawan warned that European gas storage levels could drop to 30% or lower due to strong demand and the end of Russian gas flows via Ukraine, Platts reported.

  • This situation, combined with cold weather, has pushed European gas prices to a 15-month high. As of January 28, EU gas storage was at 55% capacity, below the five-year average.
  • Sawan noted that Asia's gas demand is softer due to price sensitivity, warmer winters, and healthy storage levels.
  • Sawan said that 2024 was very light on new LNG supply, growing at just 1% annually. He expects a similar magnitude for 2025.
  • Beyond that, the big question is what latent demand would be, Sawan said.
  • "Because we know that, at around $10/MMBtu, you have a lot of demand coming through. We've seen it, for example, in shipping, and we've seen it in LNG trucking in China and in India," Sawan said. "And of course, we will see it play out in industry as many industries go back to gas where they have the opportunity to do so."
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Shell CEO Wael Sawan warned that European gas storage levels could drop to 30% or lower due to strong demand and the end of Russian gas flows via Ukraine, Platts reported.

  • This situation, combined with cold weather, has pushed European gas prices to a 15-month high. As of January 28, EU gas storage was at 55% capacity, below the five-year average.
  • Sawan noted that Asia's gas demand is softer due to price sensitivity, warmer winters, and healthy storage levels.
  • Sawan said that 2024 was very light on new LNG supply, growing at just 1% annually. He expects a similar magnitude for 2025.
  • Beyond that, the big question is what latent demand would be, Sawan said.
  • "Because we know that, at around $10/MMBtu, you have a lot of demand coming through. We've seen it, for example, in shipping, and we've seen it in LNG trucking in China and in India," Sawan said. "And of course, we will see it play out in industry as many industries go back to gas where they have the opportunity to do so."