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NATGAS: EU Summer Gas Storage Injection Could Surge To 55 Bcm

NATGAS
Energy BulletsBulletPower BulletsCommodities

Europe’s gas storage injections could surge to 55 bcm this summer, according to IEA analyst Greg Molnár. 

  • EU gas storage could fall just below 40% by the end of the heating season, assuming 5 year average withdrawals, Molnár says.
  • Europe would need to inject 55 bcm of gas into storage this summer to meet its 90% target, 17 bcm higher than last year.
  • Ukraine’s low gas storage levels are expected to increase Europe’s overall summer injection demand by 2-4 bcm.
  • Meanwhile, Russian piped gas imports will be 16 bcm lower and global LNG supply is expected to increase by just 25-30 bcm this year.
  • Global competition for LNG is increasing also, which could further tighten the global gas balance. Egypt’s LNG import requirements are expected to grow by 6 bcm this summer, while Indonesian demand is expected to rise 5 bcm.
  • The timely ramp-up of new LNG projects will be critical to provide some relief to the summer market, Molnár says. 

  • TTF MAR 25 up 4.4% at 58.16€/MWh

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Europe’s gas storage injections could surge to 55 bcm this summer, according to IEA analyst Greg Molnár. 

  • EU gas storage could fall just below 40% by the end of the heating season, assuming 5 year average withdrawals, Molnár says.
  • Europe would need to inject 55 bcm of gas into storage this summer to meet its 90% target, 17 bcm higher than last year.
  • Ukraine’s low gas storage levels are expected to increase Europe’s overall summer injection demand by 2-4 bcm.
  • Meanwhile, Russian piped gas imports will be 16 bcm lower and global LNG supply is expected to increase by just 25-30 bcm this year.
  • Global competition for LNG is increasing also, which could further tighten the global gas balance. Egypt’s LNG import requirements are expected to grow by 6 bcm this summer, while Indonesian demand is expected to rise 5 bcm.
  • The timely ramp-up of new LNG projects will be critical to provide some relief to the summer market, Molnár says. 

  • TTF MAR 25 up 4.4% at 58.16€/MWh

Keep reading...Show less