Europe & Russia: Storage
The rate of storage drawdowns in Europe has dropped and is expected to decline further as the region enters spring.
The EU28 had around 34 bcm of gas in storage by mid-March, with facilities roughly 37% full. Last year, net injections in the EU28 were under way by the middle of April. This leaves roughly one month for the region to make net withdrawals if this pattern is repeated this year. As a mild start to spring is forecast for much of the region, withdrawal rates are likely to be low. This means stocks will be in healthy shape by the time net injections start.