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NATURAL GAS
European storage net withdrawals have increased this week to cover higher demand due to cooler weather in northern areas of Europe.
- A halt to unloading and diverted cargoes away from French LNG ports is putting more pressure on storage withdrawals. Deliveries have been delayed with several cargoes diverting to other European locations such as UK and Spain.
- EU natural gas storage net withdrawal rate was around 5,700GWh/d on 6-8March compared to the five year average net withdrawal rate for this time of year of approximately 3,200GWh/d.
- Total European storage levels were still at the top of the five year range at 57.54% on 8 March according to GIE AGSI data compared to the average of 36.85%. Based on withdrawal rates from the last ten years the end of March storage level could finish between 50.6% and 57.6% full.
- The countries with the largest gas storage volumes are Germany at 163.43TWh (65.42% full), Italy at 111.19TWh (57.48%), Netherlands at 82.81Wh (59.60%), Austria at 64.41TWh (66.58%), and France at 46.35TWh (34.70%).
- TTF APR 23 up 4.9% at 45.72€/MWh
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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