Europe & Russia: Storage
Although gains in storage are being seen in Europe as the injection season continues, the UK and the Netherlands face storage issues.
Gas storage levels in Europe are generally on the rise as the injection season gathers pace, although stocks are still down on an annual basis in some markets. Germany’s storage facilities were around 33% full as of mid-May this year compared with roughly 57% at the same time last year, according to data from Gas Infrastructure Europe. This means the country not only needs more gas to rebuild its stocks this year than it needed last year, but also that it will have to inject it more quickly than it did last summer to have enough gas available before the winter. This will support Germany’s overall gas requirements over the coming months. German storage sites were around 95% full before the start of last year’s withdrawal season.