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High Gas Storage Stoking European Optimism

NATURAL GAS

Europe’s natural gas storage sites are about 92% full, above the five-year average of 87.6%.

  • Germany is at 95% - a level targeted for November 1.
  • Energy traders are also storing LNG in vessels. Around 2.6 million tons of LNG were parked off the coasts of Europe and Asia earlier this month, according to energy intelligence firm Kpler – the highest ever.
  • High storage levels and warmer weather across Europe are stoking optimism that Europe can make it through the winter without severe cuts to use.
  • Von der Leyen said yesterday that EU gas demand is down 15% versus historical averages – in line with EU targets.
  • Demand reduction and high storage levels have been sending European gas prices on a downward trajectory.


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