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NATGAS: Rising European Gas Demand Covered by Storage Withdrawals: IEA

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European gas demand surged by 40% last week as colder temperatures increased space heating and low wind speeds boosted gas-fired power generation, according to IEA analyst Greg Molnar.

  • Gas demand last week rose to 10% above the five year average
  • A shortfall in wind power output was largely compensated by stronger gas burn in the power sector, which soared by more than 50% w/w.
  • Space heating demand across the residential and commercial sectors rose by around 45% w/w.
  • Storage withdrawals accounted for more than 80% of incremental gas demand, highlighting that gas supply flexibility will be key amid the clean energy transition.

 

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European gas demand surged by 40% last week as colder temperatures increased space heating and low wind speeds boosted gas-fired power generation, according to IEA analyst Greg Molnar.

  • Gas demand last week rose to 10% above the five year average
  • A shortfall in wind power output was largely compensated by stronger gas burn in the power sector, which soared by more than 50% w/w.
  • Space heating demand across the residential and commercial sectors rose by around 45% w/w.
  • Storage withdrawals accounted for more than 80% of incremental gas demand, highlighting that gas supply flexibility will be key amid the clean energy transition.

 

Keep reading...Show less