Smaller than Normal Withdrawals Keep EU Gas Stores High
European natural gas storage is holding above the previous five year range amid the mild start to the European winter heating season. Total European storage was up at 98.94% full on 18 Oct according to GIE data with smaller than normal withdrawal rates and having peaked at 99.63% on 5 November.
- TTF markets are seeing some support today with the risk of temperatures dropping below normal in NW Europe from Nov 25.
- Withdrawals in the last week have been below normal at about 973GWh/d in the week to 18 Oct compared to the five year average for the period of withdrawals of nearly 1,650GWh/d.
- Storage in Germany is at 255.1TWh (100.8% full), Italy is at 192.7TWh (97.8%), Netherlands at 140.6TWh (98.6%), France at 133.7Wh (99.5%) and Austria at 96.95Wh (99.3%).
- The end of winter season storage levels has fallen to an average of around 34% full at the end of March in the last five years but with last winter up over 55% full after the warm winter weather and despite the missing Russia supplies.
- TTF DEC 23 up 3.3% at 46.53€/MWh
- TTF Q1 24 up 3.1% at 48.07€/MWh
- TTF SUM 24 up 3% at 46.88€/MWh
- TTF WIN 24 up 2.6% at 50.43€/MWh
Source: GIE / Bloomberg