LONDON- Europe’s gas inventories are on course to reach 976 terawatt-hours (TWh) by the end of the summer, compared with 868 TWh at the same point last year, and slightly above the 10-year seasonal average.
The region continues to buy as much liquefied natural gas (LNG) as possible to offset reduced imports from Russia and the possibility of a complete stoppage next winter but it is pushing up prices sharply.
Stocks in the European Union and the United Kingdom (EU28) are on track to be 44 TWh (5 percent) higher than the average for the previous 10 years, based on past storage trajectories.
The probable range is from 838 TWh to 1077 TWh, and has changed little in recent weeks, as the disruption of pipeline supplies from Russia has been offset by higher prices and more LNG arrivals.
Stocks have increased by a record 369 TWh since the start of April, compared with an increase of just 203 TWh this time last year and a ten-year seasonal average of 272 TWh.
As a result, inventories are 44 TWh (7 percent or 0.31 standard deviations) above the average for the time of year, having been 129 TWh (23 percent or 1.37 standard deviations) below average at the end of January. — Reuters
