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European Energy Situation Improves Amid High Gas Storage Levels


The European energy supply situation looks hopeful as of January amid high storage levels, despite large withdrawals in early December because of colder weather, according to Bloomberg.

  • Europe’s gas stocks stood at 83.53% of capacity as of 1 Jan and were 14 percentage points above the five-year average.
  • Germany managed to add around 8TWh to its reserves in the last days of December. German stocks stood at 90.57% of capacity as of 1 Jan, compared with 87.2% on 20 Dec, Agsi data show.
  • Europe’s ample gas supplies, combined with forecasts for continued mild weather, have pushed the region’s gas benchmark close to the lowest level since February.
  • TTF FEB 23 down -6.4% at 72.11€/MWh

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