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

NATURAL GAS: End of March Storage Estimate Lower due to Less Demand Destruction

Last updated at:Apr-26 14:12By: David Lee

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