Inventories in Europe are now at 95.17%, 9% above the average for the same date over the past five years.
European countries are using gas from underground storage facilities (UGS) very sparingly against the backdrop of weather returning to long-term norms. Interfax reported this on Monday, November 21.
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“After a very hot October in November, the weather in Europe was at the level of climatic standards. First, the average temperature for the month was only one degree higher than in November last year (despite the fact that in October it is three degrees warmer). However, under similar temperature conditions, a lower temperature is noticeable gas consumption from storage facilities,” said the report.
The start of the gas withdrawal period in Europe (November 14) this year has updated the latest date in the history of Gas Infrastructure Europe (GIE) observations since 2011. The previous latest date was recorded in 2013 – then the reserves started to drop on November 4th.
European gas reserves are now at 95.17%, 9% above the average for the same date over the past five years.
In response to lower temperatures, European LNG receiving terminals have increased their regasification volumes. Since the beginning of November, their capacity utilization rate is 67%, while the average for October is 60%.
At the same time, gas prices in Europe are currently at $1,173 per thousand cubic meters.
Recall that in early September, the EU imported from the United States more than 40 billion cubic meters of gas in the form of LNG, which is almost twice as much as in the whole of last year.
It was also reported that the share of Russian gas in EU imports fell four times – up to 9%. Now the main supplier is Norway.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.