Europe recorded its first weekend of gas storage injections amid milder weather, stronger renewables and of course lower demand on the lazy weekend days.
Almost 0.1 bcm of gas has been injected into storage through this weekend, with France, Germany, Austria and Hungary all recording the first net storage injections of the year.
Of course, this does not change the overall picture: EU inventory levels are almost 26 bcm lower than last year and standing 11 bcm below their 5 year average.
Storages already turned to withdrawals with the start of the working week and a colder April, together with less renewables could extend the withdrawal season by a few weeks, if Mother Nature decides so…
So let’s get ready for a heated filling season, with storage injections could be 20 bcm higher than last year, if the EU wishes to reach its 90% fill target… will be a fierce competition for LNG.
What is your view? How will the summer gas market play out? And how do you see Europe’s storage targets evolving?
Source: Greg MOLNAR
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