European gas storage injections are running around 20% below last year’s levels as negative seasonal spreads reduce incentives to fill inventories, raising concerns over meeting EU storage targets.
More than 5.5 bcm of natural gas was injected into storage since the beginning of April, with filling rates averaging at just around 200 mcm/d. This is 20% below last year’s levels, while inventories are now standing 25% (or 12 bcm) below their 5y average.
Seasonal spreads averaged at -€1.3/MWh through April, essentially meaning that the 2026/27 winter contracts are at the moment cheaper than spot prices and hence reducing the commercial incentive for storage filling.
If storage injection rates would continue at their April average, storage sites would be filled to just 70% of their working capacity… This highlights the need to speed up filling rates by around 25% to reach the EU’s 80% fill target by 1 November.
