The EU filled its gas storages by 90%
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European gas storage facilities are 90% full two months ahead of schedule, full capacity should be enough for 90 days of winter.
He writes about it Bloomberg with reference to data from the industry group Gas Infrastructure Europe.
The gas storage capacity of 90.1%, reached on August 16, is the highest indicator for the entire existence of the gas infrastructure. It is the highest for this time of year and well ahead of the EU’s goal of filling storage by 90% by November 1.
At the same time, the reserves are not designed to provide all the winter needs of the block. Winter supplies could be at risk due to a number of factors: potential labor strikes in Australia threaten to shrink the global liquefied gas market, Europe is still struggling to cope with reduced supplies from Russia, and recent power outages in Norway have sent prices soaring.
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Gas prices are now showing their third straight weekly gain, with futures on the TTF hub in the Netherlands up 4.3% on Friday at €38.41 per MWh, or about $440/thousand cubic meters.
The winter gas season in the region officially lasts from October to March. When all underground reserves are fully filled, there is enough gas in the EU to cover approximately 90 days of average winter demand. At the same time, a lot depends on the weather conditions, because low temperatures can accelerate the withdrawal of gas from storage facilities.
Gas reserves also vary by country. Countries such as Germany, the Netherlands and Spain have already exceeded the EU target. France is among the outsiders with reserves of around 84%, after its power supply was disrupted by nationwide strikes earlier this year.
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