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NATGAS: Mild Forecast for Late February Could Help Ease Storage Pressure

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Europe set for a mild second half of February, which could help relieve declining gas storage, Bloomberg reports.

  • In NW Europe, following a colder start to the month, temperatures are forecast to climb as much as 3C above normal, according to Weather Services International and Maxar Technologies data cited by Bloomberg. In the Balkans, temperatures could rise 4C above normal.
  • Latest ECMWF forecasts suggest that temperatures in NW Europe and Central Europe will be colder than normal in early-February, before rising to normal levels by around the middle of the month. In Eastern Europe, ECMWF forecasts show generally above average temperatures in February.
  • European gas storage is currently 54.65% full, GIE data shows, 15 percentage points below the same time last year.
  • Assuming average weather conditions, European gas storage is expected to be 27% full by end-March, before rising to 70% by end-September, just enough to meet storage targets, according to BNEF.
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Europe set for a mild second half of February, which could help relieve declining gas storage, Bloomberg reports.

  • In NW Europe, following a colder start to the month, temperatures are forecast to climb as much as 3C above normal, according to Weather Services International and Maxar Technologies data cited by Bloomberg. In the Balkans, temperatures could rise 4C above normal.
  • Latest ECMWF forecasts suggest that temperatures in NW Europe and Central Europe will be colder than normal in early-February, before rising to normal levels by around the middle of the month. In Eastern Europe, ECMWF forecasts show generally above average temperatures in February.
  • European gas storage is currently 54.65% full, GIE data shows, 15 percentage points below the same time last year.
  • Assuming average weather conditions, European gas storage is expected to be 27% full by end-March, before rising to 70% by end-September, just enough to meet storage targets, according to BNEF.