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Gas reserves in European UGS facilities exceed 100 bcm

Currently, the European UGS facilities are 91.22% full (7.86 p.p. higher than the average for this date over the past five years) with 100.54 bln cubic meters of gas

MOSCOW, August 26. /TASS/. Gas reserves in European underground storage (UGS) facilities have exceeded 91%, or 100 bln cubic meters, but are behind the record levels of 2023, when UGS facilities were filled to almost 92%. Gas on the exchange in Europe is traded at a price of about $420 per 1,000 cubic meters due to the situation with gas transit through Ukraine amid the attack by the Ukrainian armed forces on Russia’s Kursk region.

On August 24, according to Gas Infrastructure Europe (GIE), gas injection into UGS facilities in EU countries amounted to 315 mln cubic meters. At the same time, the withdrawals reached 12 mln cubic meters.

Currently, the European UGS facilities are 91.22% full (7.86 p.p. higher than the average for this date over the past five years) with 100.54 bln cubic meters of gas.

The weather in Central and Western Europe during the current week is forecast to be slightly warmer than in the previous seven-day period. The share of wind power in EU electricity generation fell to 13% in August.

Total liquefied natural gas injected from terminals into the European gas transmission system in July was the lowest since November 2021, and the downward trend continues in August. Currently, the capacity for regasification of LNG and its subsequent injection into European pipelines is at 30% of its maximum. The average gas purchase price in Europe was $366 per 1,000 cubic meters in July and rose to $435 in August.