{"id":6287,"date":"2023-06-29T13:27:39","date_gmt":"2023-06-29T13:27:39","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6287"},"modified":"2023-06-29T13:31:30","modified_gmt":"2023-06-29T13:31:30","slug":"europe-set-to-reach-natural-gas-storage-target-ahead-of-schedule","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6287\/","title":{"rendered":"Europe Set To Reach Natural Gas Storage Target Ahead Of Schedule"},"content":{"rendered":"
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Roydad Naft News Agency – The European Union is on track to fill up its natural gas storage facilities ahead of schedule, Rystad Energy has forecast.<\/p>\n\n\n\n

\u201cConsidering historical demand, and assuming different supply scenarios, storage facilities could even be full ahead of winter this year, resulting in gas flows having to be diverted elsewhere,\u201d senior analyst Lu Ming Pang said, as\u00a0quoted\u00a0by The National.<\/p>\n\n\n\n

The EU began filling its gas storage earlier this year but lately the additions have slowed down, Reuters\u2019 John Kemp\u00a0reported\u00a0earlier this month, as low prices stimulate higher demand from industrial consumers.<\/p>\n\n\n\n

Kemp noted that the levels of gas in storage at the beginning of June were 48% higher than the ten-year average for that time of the year, after storage levels reached two-thirds of capacity in late May.<\/p>\n\n\n\n

Russia\u2019s Crude Oil Exports Dip By Nearly 1 Million Bpd<\/p>\n\n\n\n

There was more gas in storage to begin with, however, due to last year\u2019s mild winter and significantly lower gas demand because of excessive prices.<\/p>\n\n\n\n

According to Rystad Energy, as of June 25, European gas storage was 76% full, compared to 56% a year earlier. The European Union targets a 90% fill level by November 1.<\/p>\n\n\n\n

Prices, meanwhile, have been on the rise for most of this month, mostly because of production outages in Norway due to field maintenance. So far this month, gas prices in the EU have added 38%, The National noted.<\/p>\n\n\n\n

This week, benchmark prices rose further, hitting $3575 per megawatt-hour as weather forecasts suggest that most of northwest Europe, the biggest consumers of gas, will see a hotter-than-usual start to the summer, to continue at least until the middle of July.<\/p>\n\n\n\n

Overall demand for gas in Europe, however, remains subdued compared to the five-year average as economies slow down and industries haven\u2019t switched to gas despite the much lower prices compared to the records seen last summer.<\/p>\n\n\n\n

\u201cThe heat wave will increase electricity consumption this week, but Europe\u2019s power demand remains subdued in 2023, despite lower prices,\u201d BloombergNEF analysts wrote in a note<\/a> earlier this week.<\/p>\n

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