MOSCOW, July 15. /TASS/. Net gas injection (the difference between injection and withdrawal volumes) into underground gas storage (UGS) facilities in Europe since the beginning of the summer season has approached 32 bln cubic meters out of the 61 bln cubic meters needed to reach 90% storage capacity ahead of next winter, according to data from Gas Infrastructure Europe. Meanwhile, liquefied natural gas (LNG) imports by countries in the region since the start of the summer season in April have already neared 43 bln cubic meters.

According to GIE data, gas injection into EU UGS facilities on July 13 totaled 402 mln cubic meters, while withdrawals fell to 23 mln cubic meters. The total volume of gas in storage currently ranks only seventh-highest for the month of July since records began, standing at 69 bln cubic meters, down 22% compared to the previous year.

Europe’s UGS facilities are currently filled to 62.98% of capacity, which is 8.98 percentage points below the five-year average for this date and significantly lower than the 80.8% recorded one year earlier. Under European Commission requirements, EU member states must fill their storage facilities to 90% by November 1 each year. This mandate has added upward pressure to gas prices on the European market. According to TASS calculations, Europe will need to achieve net injections of at least 61 bln cubic meters this storage season to meet the required target. This figure is nearly 50% higher than last year’s net injection and would rank among the highest in history.

Gazprom had earlier forecast that Europe would face difficulties in filling its storage facilities ahead of winter. With limited new capacity entering the market, countries in the region will need significantly more gas this summer to replenish stocks and will have to compete with Asia, where demand for LNG is rising, for available supply. The Gas Exporting Countries Forum also anticipated that the EU would face substantial challenges in reaching the 90% storage mark before winter and projected that summer gas prices on the exchange would exceed winter levels, undermining the economic rationale for storage injections.

The current week is expected to be noticeably warmer than the previous one across Europe. Wind power accounted for an average of 15% of EU electricity generation in June, falling to about 12% in July. The average gas procurement price in Europe stood at around $439 per 1,000 cubic meters in June and approximately $416 in July.

LNG Imports

During the past heating season, Europe imported nearly 63 bln cubic meters of LNG, the third-highest figure ever recorded for the period. Larger volumes of regasified gas entered the EU gas transmission system from LNG terminals only during the two previous winters.

Europe’s LNG imports in June reached a record for that month at 12.2 bln cubic meters, and July imports are continuing at record-breaking levels for this time of year. Current regasification capacity utilization stands at 44% of the maximum. Since the start of the summer season in April, cumulative LNG imports by EU countries have already approached 43 bln cubic meters.