Europe’s gas surplus will last at least until December. At the same time, the reduction in demand for this energy source is estimated at approximately 7-9%
European countries have accumulated more natural gas reserves than they need because of a sharp increase in liquefied gas imports and hot weather. Bloomberg reported this on Tuesday, October 25.
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It is indicated that the European UGSFs are almost full before the start of the heating season. Gas prices have also fallen sharply and are below a third of their peak, set this summer.
At the same time, the main risks are still ahead: much depends on the weather, a sharp cooling will quickly force Europe to start using reserves. Governments are also concerned about the possibility of new sabotage of energy facilities. But by the end of October, the continent was in better shape than policymakers expected.
“Europe’s gas glut is expected to last until at least December. Europe is unlikely to see a prolonged cooling spell in November,” said Giacomo Masato, lead analyst and senior meteorologist at Italian energy company Illumia.
The reduction in gas demand in 2022 is estimated at around 7-9%, “mainly due to the closure of large industrial consumers.” However, this falls short of the EU target of 15%.
According to Gas Infrastructure Europe, Europe’s storage facilities are 93.6% full and Germany’s is 97.5%. This provides some comfort for the market, in Germany it is enough to meet the demand for only two months of cold weather, so Europe has to continue to attract cargoes of liquefied gas.
Now the ships keep coming. Northwest Europe plans to receive 82 LNG tankers this month, up 19% from September.
Remember that Ukraine has enough gas at UGS facilities for the heating season. The warming season has begun in the country despite the attacks from Russia.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.