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Gas prices situation in Europe makes UGS injection unprofitable — Gazprom

According to Gas Infrastructure Europe as of March 16, the gas reserves level in European UGS continues declining and reached 28.9%

MOSCOW, March 18. /TASS/. The current situation with gas prices in Europe makes summer injections to underground gas storages (UGS) unprofitable, Gazprom said.

According to Gas Infrastructure Europe as of March 16, the gas reserves level in European UGS continues declining and reached 28.9%. In particular, 7.7% of gas reserves are left in Dutch storages, which is the minimal historical figure for this date.

"Gas prices for European consumers continue growing. The day ahead price at the Dutch TTF hub reached $665.97 per 1,000 cubic meters of gas. We would like to note also that gas prices with delivery next summer are above prices for next winter on TTF in March. Such situation renders summer injection to UGS unprofitable," Gazprom said.