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NATGAS
Europe has ended the winter season with record high natural gas storage inventory levels which are set to weigh on injection demand and market fundamentals over the summer according to IEA analyst Greg Molnar.
- European gas storage was at 58.72% full on Mar. 31 according to GIE with a switch to net injections on March 30. Stores are about 19bcm above the seasonal five year average of inventories just 41.5% full.
- The last week has seen a switch from net storage withdrawals of as much as 1,860GWh/d to injections of 1,992GWh/d.
- Subdued demand, healthy LNG availability and stronger piped gas deliveries limited storage withdrawals over the 2023/24 winter. Net storage withdrawals averaged around 15.6% below normal over the withdrawal season since the start of November.
- High storage levels could provide further downward pressure on gas prices as long as no major unplanned outages or geopolitical surprises, Molnar said. EU gas injections of just 32bcm are required to reach the 90% fill target by 1 November (40% below 5y average).
- Storage in Germany is at 164.0Wh (64.4% full), Italy at 114.55TWh (58.2%), Netherlands at 76.1TWh (53.4%), Austria at 72.0TWh (73.5%) and France at 50.4TWh (37.5%).
Source: IEA
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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