The great recovery: European gas demand jumped by a staggering 45% in April, its steepest yoy increase on record.
Cold April temperatures, the coldest in 35 years according to measurements at De Bilt, propelled residential and commercial gas consumption, increasing by over 50% yoy on higher space heating requirements.
Colder temperatures together with recovery in economic activity supported higher electricity consumption, up by over 10% yoy. Most of the additional demand has been met by gas-fired power plants, swinging up their output by almost 60% compared to last year. The growth has been particularly pronounced in Turkey, where gas-fired powgen more than tripled yoy.
Industrial gas demand recovered strongly from last year’s lockdowns, up by 40% in Italy and 20% in France, further supporting European gas burn.
Meanwhile supply remained subdued, with LNG imports down, Norwegian pipeline flows flat and Russian pipeline imports up by a mere 5% yoy, leading to a robust growth in TTF, almost quadrupling from last year’s lows.
What is your view? What is next for European gas this summer?
Source: Greg Molnar
See original post Greg at LinkedIn.
