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NATURAL GAS
Withdrawals from European natural gas storage have increased this week but remained below the previous five year average levels on Nov 21 according to the latest GIE data.
Small withdrawals have taken European natural gas storage down to 98.69% full on Nov 21 according to GIE data and still well above the seasonal five year average of 87.74%.
- Withdrawals in the week to Nov 21 averaged 1,223GWh/d with Nov 18/19 actually seeing small injections and compared to the 2018-2022 average for the period of withdrawals of 2,410GWh/d.
- TTF markets are seeing some support today with the small increase in withdrawals and expectations of higher demand due colder temperatures in the coming days.
- Storage in Germany is at 255.1TWh (100.1% full), Italy is at 191.87TWh (97.4%), Netherlands at 140.1TWh (98.3%), France at 133.8Wh (99.6%) and Austria at 96.8Wh (99.1%).
- The EU natural has set a gas storage target of at least 45% full on 1 February and preferably 55% full with further intermediary targets form May, July and September.
Source: Bloomberg
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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