Europe & Russia: Storage
Europe’s storage builds are increasing, but restocks are slow compared with recent years.
Europe had around 37 billion cubic metres of gas in stock at the middle of May, and facilities were roughly 40% full. This is about 24% more than at the same time last year. However, the pace of restocks has been relatively slow so far this spring. There were around 3 bcm of net injections over the first half of May, compared to more than 4 bcm of net injections over the same period last year. The pace of EU28 restocks over the first half of May has been lower than any year since 2010. The region needs to add around 35-40 bcm of gas to stocks before next winter to ensure security of supply. The pace of rebuilds will need to increase for this to be achieved.