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NATGAS: European Gas Demand 15% Above Average for Third Week: GFB

NATGAS
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Last week saw European gas demand 15% higher than seasonally normal for the third consecutive week, according to Giovanni Bettinelli, Independent consultant at GFB Insight, via LinkedIn.

  • This is now the largest demand anomaly above seasonal norms since Russia’s invasion of Ukraine, he added.
  • Consequently, storage withdrawals reached 6.5 TWh/d last week and total withdrawals for November 2024 so far have already exceeded the previous year’s volumes by around 5% of total storage capacity.
  • The higher November storage withdrawals are likely to translate into an additional 5-6 bcm of European LNG demand in 2025 compared to previous expectations.
  • This additional LNG demand should cause a relative tightening of the market, but it is not yet a material concern for Europe’s overall supply security, GFB said.
  • It remains to be seen whether the current reports of higher LNG diversions to Europe will help to plug the demand hole in coming weeks.

 

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Last week saw European gas demand 15% higher than seasonally normal for the third consecutive week, according to Giovanni Bettinelli, Independent consultant at GFB Insight, via LinkedIn.

  • This is now the largest demand anomaly above seasonal norms since Russia’s invasion of Ukraine, he added.
  • Consequently, storage withdrawals reached 6.5 TWh/d last week and total withdrawals for November 2024 so far have already exceeded the previous year’s volumes by around 5% of total storage capacity.
  • The higher November storage withdrawals are likely to translate into an additional 5-6 bcm of European LNG demand in 2025 compared to previous expectations.
  • This additional LNG demand should cause a relative tightening of the market, but it is not yet a material concern for Europe’s overall supply security, GFB said.
  • It remains to be seen whether the current reports of higher LNG diversions to Europe will help to plug the demand hole in coming weeks.

 

Keep reading...Show less