European gas storage levels remain on track to reach 80-85% capacity

European gas storage levels remain on track to reach 80-85% of capacity by the start of the next winter, with the current level of fill quite being differentiated across European countries.

Among major European markets, Italy currently has the largest volume of gas in storage as a % of total capacity, having crossed 75% last week. This has been enabled by to the fact that Italy has been, in the year to date, the largest source of incremental LNG imports to the continent (see the chart below), as Italian LNG imports have continued to rise since January, hitting record month after record month.

German storage fill, on the other hand, continues to lag other European markets as it sits at just above 55% of total capacity at present.

This significant disparity between Germany and Italy may also make it possible possible for Italy to play a stronger role as entry point of supply for Austria and other landlocked Central European markets over the coming months.

Source: Giovanni Bettinelli