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NATGAS
Total European gas storage remains near the previous five year range high despite the continuation of below normal injection rates so far this summer.
- Net injections were 30% below the previous five year average levels in the week to June 2, in line with the relative levels since the start of the injection season.
- Net injections averaged nearly 2,790GWh/d in the week to June 2 compared to the five year average for the period of just over 3,980GWh/d.
- Injection rates in line with levels seen last year would bring European storage above the EU target of 90% by August 11.
- An injection rate holding at 70% of the previous five year average over the remaining summer months would bring storage up to the target by early September.
- Total gas stores were up to 70.49% full on June 2 according to GIE compared to the five year seasonal average of 58.2%.
- Storage in Germany is at 180.9TWh (73.1% full), Italy at 150.7TWh (75.3%), Netherlands at 92.5TWh (64.3%), Austria at 78.6TWh (79.4%) and France at 76.9TWh (59.6%).
- TTF JUL 24 down 2.8% at 35.01€/MWh
Source: Bloomberg / GIE
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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