NATURAL GAS: EU Gas Injections Below Normal but Stores Already Approaching 80%

European natural gas storage injections have been nearly 23% below the five year average rate over the last week with relative levels in line with June. Gas in store was up to 78.88% full on 4 July according to GIE data compared to the five year average of 63.0% despite the low injection rates.

• Net European storage injections have averaged about 2,960GWh/d in the week to 4 July compared to the five year average for the period of 3,835GWh/d.
• Despite the below normal injection rates storage is still on track to comfortably reach the EU 90% full target before winter. An injection rate holding at 80% of the previous ten year average over the remaining summer months would bring storage up to the target by mid to late August.
• Storage levels in some of the main countries including Germany, Italy and the Netherlands are already over 80% full. Storage in Germany is at 203.8Wh (81.2% full), Italy is at 161.5TWh (82.7%), Netherlands at 114.0TWh (80.0%), Austria at 80.4TWh (82.9%) and France at 83.8TWh (62.57%).

Source: GIE / Bloomberg