Europe faces stock overhang

By Peter Stewart 19 February 2014
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With the tight winter stock position now reversed, markets are watching how Gazprom will respond. (PGNiG)

The philosopher Bertrand Russell coined the phrase “never as good as you hoped, never as bad as you feared”. The phrase comes to mind when assessing European gas storage levels ahead of spring.

The UK’s National Grid issued its winter outlook in October 2013, saying ”a combination of multiple events, such as unseasonably high demand coincident with a sustained supply loss could potentially create challenging conditions”. After the previous year’s extended cold season, Europe faced the 2013/2014 winter with significantly less gas in storage. 

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