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Europe managed to get through this winter with record levels of natural gas stored and is poised to enter next winter in solid shape.
With the typical winter season almost over at the end of March, Europe’s natural gas reserves remain 58.7% full, a new record, data from Gas Infrastructure Europe shows. There is.
The previous record was set last winter, when Europe ended with about 56% of its natural gas reserves full.
Europe is now set to begin the process of replenishing its natural gas reserves, which are already fairly full, but some analysts believe Europe needs to avoid filling up its reserves prematurely. , suggesting it may even need to cut LNG imports this summer. The FT reported on Tuesday.
The news contrasts with some people’s belief that Europe’s energy crisis a few years ago would lead to cascading product shortages after a poorly planned and prolonged winter season. This concern was further exacerbated by Russia’s natural gas cuts. Exports to Europe and Western sanctions forced Europe to completely withdraw from Russian natural gas.
Natasha Fielding, head of European gas prices at Argus Media, says the problem has shifted from lack of petrol to too much petrol.
Fielding said Europe could reach 90% of its production capacity by early August if it continues on its current path. “We may need to reduce our LNG intake in the summer.” It is expected to fill up at the same pace as last year.
European natural gas price indicators remain about 20% higher than a month ago.
Written by Julianne Geiger, Oilprice.com
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