Europe & Russia: Storage
Europe’s stock levels are low, making the region vulnerable to market tightness in late winter, and increasing the need for gas for storage builds over the summer.
The UK’s Rough gas storage facility is approximately 19% full compared with 51% at the same time last year. Rough started the winter with low levels of gas in stock, and cold weather resulted in strong drawdowns, leaving levels of gas in storage low for the time of year. This has hit the UK’s overall gas stocks, which were around 30% full in mid-February compared with 52% at the same time last year. Although security of supply is unlikely to be an issue during the rest of the winter, the need to rebuild stocks over the summer will be strong.