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NATGAS: European Gas Storage Withdrawals Return to Normal Amid Milder Weather

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European gas storage is down to 87.04% full on Nov. 26, according to GIE compared to the previous five year average of 89.2% with near normal net withdrawals since Nov. 24.

  • Milder weather across Europe forecast into the first week of December has eased pressure on gas storage after the early season withdrawals driven by cold temperatures and low wind generation.
  • The European storage net withdrawal rate in the week to Nov. 26 edged up to 4,173GWh/d compared to 4,439Gh/d the previous week and the previous five year average of 2,915GWh/d.
  • Withdrawal rates reached the highest since January at 6,402GWh/d on Nov. 21 before pulling back to an average of 3,260Gwh/d since Nov. 24.
  • Storage in Germany is at 231.9Wh (92.2% full), Italy at 183.5TWh (91.7%), Netherlands at 108.8TWh (75.5%), France at 110.6TWh (82.2%) and Austria at 91.4TWh (90.0%).
  • Northwest Europe, Italy and Austria are forecast to end the winter heating season in March with storage in line with the five year average at 34% full, according to BNEF base case assuming 10 year normal weather.
    • TTF DEC 24 down 0.6% at 46.5€/MWh

 

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European gas storage is down to 87.04% full on Nov. 26, according to GIE compared to the previous five year average of 89.2% with near normal net withdrawals since Nov. 24.

  • Milder weather across Europe forecast into the first week of December has eased pressure on gas storage after the early season withdrawals driven by cold temperatures and low wind generation.
  • The European storage net withdrawal rate in the week to Nov. 26 edged up to 4,173GWh/d compared to 4,439Gh/d the previous week and the previous five year average of 2,915GWh/d.
  • Withdrawal rates reached the highest since January at 6,402GWh/d on Nov. 21 before pulling back to an average of 3,260Gwh/d since Nov. 24.
  • Storage in Germany is at 231.9Wh (92.2% full), Italy at 183.5TWh (91.7%), Netherlands at 108.8TWh (75.5%), France at 110.6TWh (82.2%) and Austria at 91.4TWh (90.0%).
  • Northwest Europe, Italy and Austria are forecast to end the winter heating season in March with storage in line with the five year average at 34% full, according to BNEF base case assuming 10 year normal weather.
    • TTF DEC 24 down 0.6% at 46.5€/MWh

 

Keep reading...Show less