EU: European gas storages end the heating season at a record level of reserves – 58.7%
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European gas storages end the heating season with a record level of natural gas stocks. According to the data of the Association of Gas Storage Operators in Europe – GIE, stocks of blue fuel as of the April 2 gas day were filled to 58.71% or 663.2630 TWh. This is roughly 3% more than last year’s level. At the time of publication, the average withdrawal rate is 0.27 p.p.
In particular, the Chiren underground gas storage facility in Bulgaria is filled to 44.22% or 2.6046 TWh at a weak withdrawal rate of 0.04 p.p.
The maintenance of these high stocks is mainly due to the relatively mild winter, but also the decline in economic activity. Also of importance are the rather high supplies of LNG and the request of the EC to reduce the consumption of natural gas by 15%, which, by the way, will also apply in the next heating season.
This means that at the start of the injection season, European countries will have to re-supply smaller quantities of natural gas until the mandatory 90% gas fill is reached, and at significantly lower prices. This can significantly ease the next heating season and have a positive effect on energy prices. For now, TTF gas prices still remain above the pre-crisis value – in the range of 25 – 27 EUR/MWh, and there is much to be desired. Natural gas storage is extremely important for optimizing the costs of gas and electricity systems and ensuring security of supply.
