Europe continues to import record amounts of liquefied natural gas (LNG), with deliveries to the region exceeding 64 billion cubic meters since the start of the summer season in April, according to Gas Infrastructure Europe (GIE). At the same time, net gas injection (the difference between injection volumes and withdrawals) into European underground gas storage facilities since the start of the summer season amounted to only about 52 billion cubic meters of the 61 billion cubic meters needed to fill them 90% by the coming winter.
Gas injection into underground gas storage facilities in EU countries on September 15, according to GIE, amounted to 267 million cubic meters. Withdrawals have fallen to 15 million cubic meters. The total fuel volume in UGS is only the seventh highest for July over the entire observation period - 89 billion cubic meters of gas.
Currently, European UGS are filled to 80.83% (6.5% lower than the average for this date over the past five years) compared to 93.4% a year earlier. According to the new requirements of the European Commission, EU countries must ensure that their storage facilities are 90% filled with gas between 1 October and 1 December each year. In addition, 10% flexibility is allowed in case of difficult conditions for filling UGS. At the same time, this requirement gives an additional impetus to the growth of gas prices on the European market. Net gas injection in Europe during the UGS filling season must be at least 61 billion cubic meters to meet the filling standard. This is almost 50% higher than the net injection a year earlier and is one of the highest figures in history.
Earlier „Gazprom“ predicted that Europe would have difficulty filling storage for the winter. Last summer, countries in the region needed more gas to replenish their reserves, and in the context of limited commissioning of new capacity on the market, they must compete for liquefied natural gas (LNG) with Asia, whose demand for the fuel is growing. The Gas Exporting Countries Forum expected the EU to face significant difficulties in filling its underground gas storage facilities by 90% by winter and predicted that summer gas exchange prices would be higher than in winter, undermining the economic feasibility of pumping gas into storage.
The weather in Europe this week has been slightly warmer than in the previous seven-day period. The share of wind power in EU electricity generation averaged 14% in August, and around 18% in September. The average purchase price of gas in Europe in August this year was about $394 per thousand cubic meters, in September - about $392.
During the past heating season, Europe imported almost 63 billion cubic meters of liquefied natural gas (LNG), which was the third highest figure for this period. A larger volume of regasified gas was supplied from LNG terminals to the EU gas transmission system only in the two previous winter seasons.
LNG imports from Europe in June became the highest for this month (12.2 billion cubic meters), but then lost its record pace, which began to grow again with the onset of autumn. Currently, regasification capacities are loaded to 51% of their maximum.