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NATGAS
Europe’s gas fired power plants will burn around 25% less gas this summer than in 2023 due to gains in solar capacity and replenished hydro stocks, while overall power demand is slow to recover, Platts said.
- Platts forecasts that the lowest summer demand since 2001, with a total of around 9.5 bcm reduction in gas burn on the year.
- Italy and Great Britain have registered the largest declines, while Germany is bucking the trend due to 10GW of coal closures.
- The lower gas burn is set to outweigh other gas demand gains, cutting appetite for LNG.
- An extended heatwave in Europe could boosting demand for gas fired power generation and delay gas storage injections.
- However, there is a risk in gas storage injections filling up quicker than expected.
- A continuation of average injection rates since April would bring European storage up to the EU target of 90% by August 22.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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