NATGAS: Some EU Members Below EC Storage Targets for February

Some European members missed the gas storage targets for February set by the European Commission, as below normal stores and summer refill concerns continue to support TTF prices.

• France’s gas storage was 35.5% full on Feb. 1, GIE showed, compared with an EC target of 41%.
• “The security of supply of the country for this winter is in no way jeopardized,” France’s industry and energy ministry said cited by Bloomberg.
• Some EU members calculate a separate lower target due to exemptions based on domestic gas usage or export volumes.
• Storage in the Netherlands was 37.09%, GIE shows, compared to the EC target of 47% but revised target of 39%. Austian storage was 62.16% compared to the EC target of 64% but revised target of 24.9%, according to Austrian energy market regulator.
• If countries fall more than five percentage points below individual member state targets, then governments must act immediately to increase storage levels and inform the EC.
• European gas storage has fallen to 53.11% full on Feb. 1, according to GIE, compared with the EC target of 50% and compared to the previous five year average of 60.1%.
• The main target is for EU underground storage to be 90% full by November, with intermediate targets for February, May, July and September.
  • TTF MAR 25 up 2.4% at 54.5€/MWh
  • TTF SUM 25 up 1.7% at 53.87€/MWh
  • TTF WIN 25 up 2% at 47.75€/MWh