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Europe Requires Limited Gas Injections This Summer but Risks Remain

NATURAL GAS

EU gas storage sites are closing the heating season 55% full, standing 65% above their 5y average.

  • This means that half of last year's injections would suffice to reach 90% fill levels by the start of the 2023/24 heating season according to the IEA.
  • In absolute terms, Europe will need to inject 35 bcm less gas into storage compared to last year.
  • This year however, Europe needs to refill the storage without the help of Russian piped flows, while a return in Chinese spot demand later in the year poses a key risk.





source: IEA

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