EU Gas Storage to Reach 90% Target by Mid-August: ICIS

ICIS expect EU natural gas storage levels to reach the pre winter target level by mid August. A similar volume of LNG imports is expected in 2024 to last year despite record end of winter 2023/24 storage levels according to Montel.

• “ICIS currently forecast European (not including GB) gas storages to reach the EU’s target of 90% fullness by mid-August, in line with 2023 and more than two months ahead of the 1 November deadline,” said Alex Froley at ICIS.
• LNG imports to Europe and Turkey should remain “broadly similar” to the level of more than 160bcm seen last year.
• “While there is not quite as much needed to fill European storage, there could be some increased demand as lower prices boost industrial use or prompt fuel-switching,” he said.
• Three quarters of the 10bcm capacity into Ukrainian storage remained available and adds further potential to inject gas.
• “We’re seeing some record import levels into parts of Asia in recent months as high European gas storage levels result in more affordable prices for global buyers.”