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Highlights of January JODI natural gas data

NATURAL GAS

Highlights of January JODI natural gas data released yesterday:

  • Natural gas demand fell counter-seasonally by 7.7 bcm in January and was ~25% below seasonal average levels. Meanwhile, gas production increased by 0.2 bcm month-on-month.
  • EU+UK gas consumption was at a five-year seasonal low in January. Inventories fell by 11 bcm, less than the seasonal average draw of 15 bcm, to stand 72 percent full at the end of the month.
  • Total gas inventories decreased by 24.4 bcm month-on-month, less than the seasonal average draw of 43 bcm.
  • Russian natural gas production increased by 0.8 bcm and stood at a 9-month high.

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