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EU Storage Filling Amid Ongoing Supply Constraints


European gas fell back to 300€/MWh after German Economy minister said gas storage was filling up faster than planned amid ongoing supply issues.

  • TTF SEP 22 down -12.7% at 296€/MWh
  • They hope the 85% October target could be reached by the beginning of September. German storage was showing at 82.74% in data for Aug 27 and overall EU storage is at 79.36%. Storage alone in not enough to get through winter so demand for pipeline and LNG supplies will remain strong even if storage targets are reached.
  • Supplies to Europe are still very tight with concerns for the return of Nord Stream supplies following their 3 day outage starting on Aug 31. Russian supply is today steady at 31.9mcm/d with transit via Sudzha in Ukraine nominated at 42.15mcm/d.
  • Ongoing Norwegian supply outages and global competition for LNG supplies are also supporting prices. Norway flows are today nominated down at 275mcm/d with reduced output from various facilities such as Troll, Kollsnes, Kvitebjorn and Gullfaks.

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