MOSCOW, March 17. /TASS/. Gas reserves in underground storage (UGS) facilities in Europe have dropped to about 35% for the first time in more than three years and amount to less than 39 bln cubic meters, according to data from Gas Infrastructure Europe (GIE). Extractions from UGS have once again accelerated slightly amid a slight cold snap. Since the start of the heating season, net extraction (the difference between extraction and injection volumes) from EU UGS facilities has amounted to around 67 bln cubic meters.
Gas extractions from UGS facilities in EU countries on March 15 amounted to 284 mln cubic meters, according to GIE, while injections increased to 51 mln cubic meters. Against the backdrop of high rates of gas reserves consumption in the current heating season, the total volume of fuel in the UGS is only the seventh highest for March for the entire observation period at 38.8 bln cubic meters of gas.
The last season of gas withdrawal from European underground storage facilities ended on March 31, 2024, when 58.44% of reserves remained in them, which is a record for the period of observation. Currently, European UGS facilities are filled to 35.01% (11.13 p.p. lower than the average for this date over the past five years), which in relative terms is already lower than the figure not only at the end of the last fall-winter period, but also at the end of the heating seasons of 2010-2011, 2011-2012, 2013-2014, 2018-2019, 2019-2020, and 2022-2023.
The heating season in Europe began on October 29, 2024 (10 days earlier than in the previous fall-winter season), and since then, EU countries have withdrawn about 71.5 bln cubic meters of gas from storage. Net withdrawal reached around 67 bln cubic meters. At the same time, the total gas withdrawal from UGS facilities on the 138th day since reaching their maximum volume is 25% higher than the average value for this day over the previous five years. The most problematic years for the EU were 2018 and 2022, when reserves in storage facilities by the end of the heating season in the spring dropped to critical levels below 18% and 26%, respectively and it was necessary to resort to withdrawing the so-called buffer gas, which is used to maintain the required pressure in the storage facilities.
The first half of the current week in Europe is expected to be much cooler than the previous one, but warming is expected again by the weekend. The share of wind generation in the EU's electricity generation averaged 13% in February and 15% in March. The average gas purchase price in Europe in February reached about $542 per 1,000 cubic meters and around $467 in March.
LNG supplies from terminals to the European gas transportation system in March are at a record pace for this month. Currently, the capacities for regasification of liquefied gas and its subsequent injection into European pipelines are loaded at 50% of their maximum.