Europe & Russia: Storage
Gas storage levels in Europe’s major markets are low as the region approaches the reinjection season. Meanwhile, capacity at the UK’s Rough storage facility for the 2017/2018 gas storage year is uncertain.
Gas stocks in most of Europe’s major markets were down year on year as of mid-March. Germany has seen the biggest decline, with facilities just 27% full by the middle of March compared with 53% at the same time last year. France, Italy and the UK also have low levels of stocks, while Spain is bucking the trend, with storage facilities up marginally year on year at around 56% full. Europe needs around 70-75 billion cubic metres in stock to ensure security of supply for the winter. The low levels in store will mean additional volumes of gas will be needed for restocks over the coming months.