As of mid-February, underground gas storage facilities in Europe were 67.9% full; This is a record figure for this period. This is reported by the Association of European Gas Infrastructure Operators (European Gas Infrastructure), which publishes data on the current occupancy level of underground gas storage facilities (UGS) on the continent.
In absolute terms, reserves are 73.7 billion cubic meters of fuel.
Experts state that the current gas volume in warehouses is 15.3 percent points higher than the average level of the last five years. It is also 1.5 billion cubic meters more than a year ago.
Approximately 37 billion cubic meters of gas have been consumed from underground gas storage facilities since the beginning of the heating season, which started in early November. This is slightly more than a third of the original fuel volume.
The high filling of underground storage facilities is contributing to the decline in gas prices in Europe. Thus, in January, fuel costs at the Dutch TTF center fell below $ 300 per barrel for the first time since 2021.
According to analysts, gas prices will continue to fall in the coming months. Possible risks to the market include supply disruptions bypassing Ukraine and a ban on LNG purchases from Russia.
Previously expert appreciated Austria plans to give up Russian gas.
The cost of gas in the world before stabilized.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.