European gas reserves to reach record levels in winter – media

Reuters said warehouse capacity is currently 96% occupied, the second highest level after 2019.

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Europe enters the warming winter season with record gas reserves in storage, protecting the region from the threat of shortages and a repeat of last year’s high prices. Reuters reported this with reference to data from Gas Infrastructure Europe (GIE).

Gas reserves in the European Union and Great Britain as of September 30 totaled 1,096 terawatt-hours (TWh). Reserves were +172 TWh (+19% or +1.59 standard deviation) above the previous ten-year seasonal average at the end of the main summer replenishment season.

Warehouses are 96% full. This rate is the second highest after 2019, compared to a ten-year seasonal average of 87%.

High levels of initial reserves, combined with new LNG import terminals and some additional gas stored in Ukraine, should ensure stable supplies regardless of the weather in the winter of 2023/24.

Over the past decade, the biggest winter drop on record was -782 TWh, with an average of just -588 TWh, so the region should survive the winter.

Large gas reserves at the start of winter 2023/24 are mainly the result of record gas production at the end of winter 2022/23. Warmer-than-normal temperatures, along with a sharp drop in industrial consumption and high prices designed to limit gas use by utilities and other producers, have left gas inventories in the region which is very high.

We remind you that the European Commission held a third tender for the total gas purchase of 16.49 billion cubic meters. m, in which 39 countries took part.

Gas prices have fallen in Europe

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