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European Gas Storage Reaches 90% Over 2 Months Ahead of Schedule

NATGAS

European gas storage has reached over 90% full more than 2 months ahead of the November 1 target, helped by strong starting inventories after the 2023/24 winter.

  • EU storage injections stood 22% (or 9 bcm) below their 5y average since April according to the IEA, which helped to reduce gas market fundamentals earlier this summer.
  • Europe was able to reduce its LNG imports by near 20% y/y, partly because of lower filling rates.
  • At the current rate, EU storage sites will be full by the end of September.


Source: IEA

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