The trends that have dominated the European supply/demand balance in recent weeks appear unchanged.
European gas storage injections remain well below levels observed in previous years (including 2023) for June. The day in which the volume of gas in storage will fall below the level for the same day in 2023 has now been brought forward and will likely come next week.
An interesting exception to this trend can however be found in Czechia, where storage injections have been increasing in the last month, as supply from Slovakia has increased (these volumes appear to have been redirected from Italy).
With apparent demand having in recent weeks remained stable (and slightly higher than the previous year), the reduced injections are linked to the continued downward trend in LNG sendout (and various short-lived drops in other supplies).
Source: Giovanni Bettinelli
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