Germany Misses Gas Reduction Target, Accelerates Storage Withdrawals

Germany’s gas inventories saw sharper declines in the first two weeks of December than in the year prior, prompting concerns stocks will not last through the winter period if temperatures are colder than the seasonal norm for a prolonged period.

• German gas storage levels stood at 90.23% capacity on 14 Dec, and remined well above last year’s levels of 54.48%, Agsi data show.
• But storage levels declined by 7.4 percentage points in the first two weeks of December, compared to a decline of 5.83 percentage points last year.
• Regulator Bnetza said gas supply remains stable, but temperatures and gas consumption remain critical since end of last week.
• Germany continues to miss its gas-consumption reduction target of 20% for the third consecutive week, spurred by higher industrial gas demand.
• Gas consumption in calendar week 48 and 49, adjusted for temperatures, was 12% lower than the four-year average, and only 5% lower without adjusting for temperatures.