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Smaller than Normal Withdrawals Keep EU Gas Stores High

NATURAL GAS
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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

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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

Keep reading...Show less