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European Gas Storage at Healthy Level End of Winter

NATURAL GAS

As the winter season nears its end, Europe's onshore gas storage remains over 50% full, compared with levels below 25% at the same time in the last two years.

  • European gas storage is at a record high for recent years, helping to alleviate some of the pressure refilling supplies ahead of next winter.
  • So even though less gas is needed to fill storage back up in 2023, more of that gas will have to come in the form of LNG, which means global competition should continue across the summer.
  • Steady, strong competition across the summer could still keep prices two or three times as high as long-term averages according to ICIS analysis, and still pose problems for energy consumers around the world.
  • TTF prices are finding a level of support this week on colder weather forecasts across Europe next week.
  • TTF APR 23 up 1.6% at 43.5€/MWh
Energy BulletsCommodities
Energy BulletsCommodities

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