European gas storage falling fast, on course to end the heating season with only 10% left in storage

This heating season got underway with the least amount of gas in storage in a decade, and with levels already falling at an alarming rate Europe is on course to end the heating season with only 10% left. / bne IntelliNews

By bne IntelliNews December 10, 2021

Gas storage in Europe continues to fall at worrying rates, suggesting storage levels will drop to their lowest level in ten years of around 10% by the end of the heating in the last week of March.

Storage levels of gas peaked this year at a level of 77.5% on October 22 when European tanks held 864.8 TWh worth of gas, according to AGSI+ aggregated gas storage inventory – the lowest level in volume terms since 2013 and its lowest level in percentage terms for a decade.

With November already the coldest in five years Europe has already draw significant amounts of gas as the heating season gets under way and storage levels have fallen to 64% as of December 8 – the same level as of January 13, 2020.

Last year storage peaked on October 11, when the tanks were 95.8% full following a mild winter in 2019, so not only are gas storage depletion levels running about a month ahead of last year, but last year tanks held some 20% more gas.

In 2020 the storage bottomed out on March 24, with tanks holding 30% of their capacity. If this year follows the same trends as last year the heating season will end in the last week of March 2022 with tanks only 10% full – their lowest level in a decade.

DATE	GAS IN STORAGE (TWh)	% FULL
2021-10-20	864.8	77.5
2021-03-25	335.7	30.0
2020-10-11	1079.4	95.8
2020-03-31	609.0	54.2
2019-10-28	1095.0	97.9
2019-03-21	446.8	40.5
2018-10-25	958.9	87.0
2018-03-30	196.2	17.8
2017-10-29	975.8	89.0
2017-03-28	285.2	25.7
2016-10-09	1005.0	90.7
2016-04-01	373.0	34.9
2015-10-12	879.4	84.2
2015-04-09	275.4	27.0
2014-10-26	912.3	93.7
2014-03-28	438.5	47.3
2013-10-30	787.1	85.5
2013-04-12	207.1	24.7
2012-10-25	758.7	92.4
2012-04-01	351.9	43.2
2011-10-16	633.1	95.4
2011-03-25	273.2	43.9
source: AGSI+

#natgas #ONGT #bneChart

Read in IntelliNews Pro

Get IntelliNews Pro

How Kazakhstan leveraged “uranium power” to hold reins in nuclear fuel dealings with China

Europe unlikely to tackle Russian LNG imports anytime soon

COMMENT: Can China compensate for Russia’s losses on the European gas market?

How Kazakhstan leveraged “uranium power” to hold reins in nuclear fuel dealings with China

Europe unlikely to tackle Russian LNG imports anytime soon

COMMENT: Can China compensate for Russia’s losses on the European gas market?

Data

Ford drives hike in car production in Romania

Romania’s automobile production increased by 7% y/y to more than 150,000 units in Q1.

Akbank launches spring syndicated loan renewals season for Turkish banks at better costs

Benefits of Turkey’s so-called economic normalisation policy clearly observed in external debt rollovers.

Ukraine's birth rate plummets to 300-year low as country’s population collapses

Ukraine’s population collapsed to 29mn souls last year, according to Ukraine Business News, with just 187,000 births recorded (including in Russian-occupied territories). This is the lowest annual figure in recorded history over the last 300 years.

Russia’s $13.4bn current account surplus in March second highest since 2007

Russia posted a $13.4bn current account surplus in March, more than double February’s $5.5bn and the second highest level for a March since 2007.

Automotive sector output in Hungary edges up 1.6% y/y in February

Headline industrial output rose 1.8% in February, increasing for the first month in about a year.

Ford drives hike in car production in Romania

5 days ago

Akbank launches spring syndicated loan renewals season for Turkish banks at better costs

6 days ago

Ukraine's birth rate plummets to 300-year low as country’s population collapses

6 days ago

Russia’s $13.4bn current account surplus in March second highest since 2007

6 days ago

Automotive sector output in Hungary edges up 1.6% y/y in February

7 days ago

European gas storage falling fast, on course to end the heating season with only 10% left in storage

Related Content

How Kazakhstan leveraged “uranium power” to hold reins in nuclear fuel dealings with China

Europe unlikely to tackle Russian LNG imports anytime soon

COMMENT: Can China compensate for Russia’s losses on the European gas market?

Data

Ford drives hike in car production in Romania

Romania’s automobile production increased by 7% y/y to more than 150,000 units in Q1.

Akbank launches spring syndicated loan renewals season for Turkish banks at better costs

Benefits of Turkey’s so-called economic normalisation policy clearly observed in external debt rollovers.

Ukraine's birth rate plummets to 300-year low as country’s population collapses

Ukraine’s population collapsed to 29mn souls last year, according to Ukraine Business News, with just 187,000 births recorded (including in Russian-occupied territories). This is the lowest annual figure in recorded history over the last 300 years.

Russia’s $13.4bn current account surplus in March second highest since 2007

Russia posted a $13.4bn current account surplus in March, more than double February’s $5.5bn and the second highest level for a March since 2007.

Automotive sector output in Hungary edges up 1.6% y/y in February

Headline industrial output rose 1.8% in February, increasing for the first month in about a year.

Follow Us On

Most Read

Reports

European gas storage falling fast, on course to end the heating season with only 10% left in storage

Related Content

Data

Romania’s automobile production increased by 7% y/y to more than 150,000 units in Q1.

Benefits of Turkey’s so-called economic normalisation policy clearly observed in external debt rollovers.

Ukraine’s population collapsed to 29mn souls last year, according to Ukraine Business News, with just 187,000 births recorded (including in Russian-occupied territories). This is the lowest annual figure in recorded history over the last 300 years.

Russia posted a $13.4bn current account surplus in March, more than double February’s $5.5bn and the second highest level for a March since 2007.

Headline industrial output rose 1.8% in February, increasing for the first month in about a year.

Follow Us On

Most Read

Reports

Cookies on the bne IntelliNews website