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European Gas Storage To End Heating Season Above 50%: Simson

NATURAL GAS

European gas storages are expected to end the heating season with over 50% of capacity according to European Commissioner for Energy Kadri Simson.

  • According to historical withdrawal rates in the past ten years, gas stocks could end the heating season between 50-61%, GIE data show.
  • European gas reserves stood at 62.14% of capacity on 26 Feb, AGSI data show.
  • The EU is considering continuing its voluntary 15% gas demand reduction target which expires by the end of March to reach the 90% storage target by 1 Nov, Simson said.
  • European gas consumption in Aug-Jan declined by 19%, or 38bcm, she added.
  • In twelve months, Russian pipeline gas supplies to Europe dropped from 155bcm to 62bcm and have been replaced by increased imports from the US and Norway, she said.
  • LNG imports into Europe have increased to 135bcm in 2022, from 80bcm in 2021 according to Simson.
Energy BulletsCommodities
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