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Home Supply and Demand

European gas storage ends heating season with record high inventory levels

Editor by Editor
1 year ago
Reading Time: 1 min read
European-gas-storage
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European storage sites closed the 2023/24 heating season with record high inventory levels, which is set to weigh on injection demand and hence could further ease market fundamentals over the gas summer.

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EU storage sites are almost 60% full, standing 45% (or 19 bcm) above their 5y average. subdued demand together with healthy LNG availability and stronger piped gas deliveries weighed on storage draws, which stood 20% below their 5y average during the 2023/24 winter.

Record high storage levels are set to weigh on injection demand: the EU would need to inject just 32 bcm (40% below 5y average) to reach the its 90% fill target by 1 November.

Similarly, in the US storage sites are ending the 2023/24 winter with record high inventories, standing 40% (or 19 bcm) above their 5y average.

High storage levels could provide further downward pressure on gas prices in the coming months, if no major unplanned outages or geopolitical surprises…

Source: Greg Molnar


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Tags: European gas storageGreg MolnarHenry hub pricesJKM pricesLNG flowsLNG tradespot LNG
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