Record high gas levels at storages after winter season

Europe has managed to overcome this winter season with record levels of natural gas in storage, preparing it for entering the next winter on fairly solid ground.

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According to data from Gas Infrastructure Europe, with the end of March effectively concluding the typical winter season, natural gas storages in Europe remain filled on average at 58.7 %, marking a new record. The lowest levels remain at Croatia (35 %) and France (40 %), while Portugal, Austria, Spain, and Sweden still have over 70 % of storage capacity filled.

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The previous record for gas storage was set last winter when Europe finished with around 56 % of natural gas storage capacity filled. Europe will now commence the process of refilling its natural gas storages, and some analysts suggest that Europe may even need to reduce its LNG imports this summer to avoid prematurely filling its storages.

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This news contradicts the idea held by some that the European energy crisis from a few years ago would continue to cascade into a shortage of products after one poorly planned, extended winter season. This fear was heightened when Russia reduced its natural gas deliveries to Europe, and Western sanctions were imposed, pushing Europe to completely wean itself off Russian natural gas.

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The reference price of natural gas in Europe remains about 20 % higher than a month ago, but futures on the TTF reference exchange for June are at 25.7 euros/MWh with a downward trend, while the price for the third quarter is at 26.3 euros/MWh.

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