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Gas reserves in Europe’s underground storage facilities approach 95.2%

Currently, the European UGS facilities are 95.18% full (3.05 pp higher than the average for this date over the past five years), containing 105.64 bln cubic meters of gas

MOSCOW, October 21. /TASS/. Total gas withdrawal from European underground storage (UGS) facilities in October 2024 is currently the fifth in history for this month, and injection is at the minimum since 2012 and 36% lower than last year. Storage levels in UGS facilities approached 95.2%, but are already well below last year's record. Gas is trading on the European exchange at $440 per 1,000 cubic meters.

According to Gas Infrastructure Europe (GIE), on October 19, 135 mln cubic meters of gas was injected into UGS facilities in EU countries. At the same time, withdrawals amounted to 43 mln cubic meters.

Currently, the European UGS facilities are 95.18% full (3.05 pp higher than the average for this date over the past five years), containing 105.64 bln cubic meters of gas.

The weather in Central and Western Europe during the current week is expected to be slightly warmer than in the previous seven-day period. The share of wind power in EU electricity generation increased to 20% in October.

The total flow of liquefied natural gas from terminals into the European gas transmission system in August was the lowest since October 2021, but it increased again in September. Currently, the capacity for regasification of LNG and its subsequent injection into European pipelines is at 36% of its maximum. The average gas purchase price in Europe in September was $416 per 1,000 cubic meters, and in October - at around $449.

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