Gas reserves in European storage facilities fall below 50%

The level of gas reserves in underground storage facilities in Europe have dropped below 50 percent of their full capacity, Report informs, referring to the Gas Infrastructure Europe website.

On Feb. 4, Europe’s storage facilities were filled with gas by an average of 49.83 percent. At the same time, in Germany - the primary market in Europe - stocks fell to 42.44 percent, in France - to 39.65 percent. In Ukraine, which also sends data to the GIE, reserves are at 52 percent. The current stock level in the EU is 2.77 percentage points below the average for the last five years.

The gas flow into the European gas transmission network from LNG terminals in February 2021 fell by 49 percent compared to a year ago. The entire free volume of liquefied natural gas is being taken over by the premium market of Northeast Asia, leaving European buyers only with volumes guaranteed under long-term contracts.

The average gas price on the main trading floor of Europe - Dutch TTF - has amounted to $225-$227 per 1,000 cubic meters since the beginning of February, compared to $257 on average in January.