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Europe Could End Winter with 53% Storage Capacity: BNEF

NATURAL GAS

European gas storage levels are expected to close out the winter at 53% of capacity amid persistent high demand destruction and a premium over Asian LNG prices, according to BNEF.

  • Even if Russia completely cuts off natural gas flows at the beginning of December, European storage levels are estimated to be healthy at the end of the winter.
  • The challenge of refilling storage next summer and making it through the following winter little to no Russian pipeline supply is likely to keep prices elevated, and at a premium to Asia.
  • European gas reserves – including Ukraine and the UK – stood at 93.9% of capacity on 27 Nov.

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