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NATURAL GAS
The German gas regulator has confirmed the country has reached is target of over 95% gas storage ahead of schedule according to GIE data from Oct 14.
- Germany had set their target of 95% full by Nov 1. Despite reaching the target the head of the regulator, Klaus Muller has again said the storage creates a buffer but cuts in consumption are required.
- "Nevertheless, we absolutely have to save at least 20% gas, no matter how warm or cold the winter gets," Muller said on Twitter.
- German economy minister Robert Habeck said "Consumption must also fall compared to previous years because gas is a scarce commodity and it is important to handle it carefully."
- "All areas are in demand here: the economy, the public sector and also private households. Quite a few are already saving. Companies, municipalities and most people are ready to act," Habeck said.
- The graph below from the regulator shows the weekly average gas consumption in Germany compared to the 2018-2021 average.
Source: Bundesnetzagentur
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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