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NATURAL GAS
The gas withdrawal rate from European storage is back just below seasonal normal after rising during the spell of cold weather in the last week of January.
- EU natural gas storage withdrawals reached a peak of 8.30GWh/d on 24 Jan before falling back to 4.15GWh/d on 4 Feb. The five year average withdrawal rate for this time of year is approximately 5.3GWh/d.
- Total European storage levels were above the five year range at 70.42% on 4 Feb according to GIE AGSI data compared to the average of 50.51%.
- A continuation of seasonal normal withdrawals would bring end of season EU storage down to approximately 54% full by the end of March.
- The countries with the largest gas storage volumes are Germany at 190.48TWh (77.25% full), Italy at 134.01Wh (69.28%), France at 81.71TWh (61.16%) and Netherlands at 93.88Wh (67.57%).
- TTF MAR 23 down -0.6% at 57.55€/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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