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European Gas Stockpiles Drop Below 60% Capacity

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Information from the Association of Gas Infrastructure Operators of Europe indicates that the share of gas in underground gas storage facilities has decreased to less than 60%.

And according to a statement issued by the association and published on its website, that at the end of March 3 (it ended at 08:00 on March 4), the total volume of gas in underground gas storage facilities was about 65 billion cubic meters. meters.

This means that gas storages in Europe are filled by 59.57%, which is 0.44 p.p. less than the day before.

At the same time, the average share of gas in EU storage is about 20 percentage points higher than the average for this date over the past five years. For example, during the 2021-2022 heating season, this figure dropped to less than 60% as of December 15.

And experts from the Institute of Energy and Money wrote in Telegram that the decrease in gas reserves in UGS facilities in March could range, according to long-term estimates, from -1.4% to -10.7%, depending on weather conditions. They pointed out that the average drop – over the past five years – is -5.6%, and gas reserves in underground storage could be reduced by the end of March to about 50-55%.

And European Commission President Ursula von der Leyen said last January that Russia cut gas supplies to the European Union by 80% in eight months of last year. She added that Europe managed to compensate for the existing gas shortage by visiting liquefied gas supplies from the United States. It is reported that the import of liquefied gas from there increased by 2.4 times and exceeded 50 million tons.

Source: News

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