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Europe likely to head into winter with gas storage below 80%
European gas storage is around 54% full, and the continent’s refill campaign is constrained by fewer LNG cargoes than expected.
Europe is unlikely to refill natural gas storage to even 80% before winter, Equinor CEO Anders Opedal said, according to OilPrice citing Reuters.
Gas storage sites are currently about 54% full, the second-lowest level for this point in the year in 15 years, and below the five-year average, based on data from Equinor and Gas Infrastructure Europe.
The outlook has been shaped by depleted inventories after a colder winter and a slow start to the summer injection season, with the EU energy regulator ACER estimating storage at just 28% at the start of the summer injection season.
OilPrice also notes that fewer LNG cargoes are available as Asian buyers take a greater share of spot supplies amid disruptions affecting shipment routes, and that Norway supplies roughly one-third of Europe’s gas imports.
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