The end of March storage estimate from Bloomberg has been lowered from 49% to 39% full due to less demand destruction.

• A steep drop in spot prices and cheaper forward curve could revive demand especially from the power sector and with increased residential and commercial use next winter.
• The lower March storage forecast highlights the increasing risk the European market faces for 2024.
• They forecast gas demand savings in the region of 23bcm in May23 to Mar24 compared to the 2016-2020 average.
• Plentiful LNG and continued demand destruction could see Northwest Europe, Italy and Austria completely fill gas storage by the end of September according to Bloomberg.

Source: Bloomberg