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EU Natural Gas Inventories to End Winter at 51% of Capacity

NATURAL GAS

European natural gas inventories in NW Europe, Italy and Austria are forecast to end the heating season at 51% of capacity by the end of March according to BNEF.

  • Forecasts for end of winter storage levels have been revised higher by 7 percentage points from December estimates due to anticipated weaker demand and stronger Norwegian pipeline flows.
  • Inventories are expected to reach 94% of capacity by the end of September.
  • Gas demand for the remainder of this heating period – February and March – is estimated at 1,092mcm/d, slightly up from 2022 levels of 1,076mcm/d.
  • Gas demand during summer is forecast to rise to 567mcm/d, up from 551mcm/d last year, supported by higher gas use for power generation and higher industrial demand due to lower prices.

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