Europe Heads Into Winter With Its Weakest Gas Cushion In 15 Years
Asian buyers are drawing more spot LNG cargoes as Europe heads into winter with storage at 54%, Equinor said.
- Equinor CEO Anders Opedal warned on Wednesday that Europe likely cannot refill natural gas storage to 80% before winter, with European sites currently about 54% full—the second-lowest level in 15 years.
- Earlier this month, the European Union's energy regulator ACER reported storage levels stood at just 28% at the start of the summer injection season, after a colder winter left inventories significantly depleted.
- Competition for LNG has intensified across Asia, where buyers absorb more spot cargoes; Equinor estimates LNG now accounts for about 30% of European gas imports, exposing the refill campaign to intensified bidding.
- Asian buyers are absorbing more spot cargoes after conflict involving Iran disrupted shipments through the Strait of Hormuz, forcing European utilities to bid against higher-priced demand from Asian markets.
- Kpler estimates Asian LNG imports will climb to a six-month high, led by a sharp recovery in Chinese demand, while European LNG imports are projected to fall to their lowest level in recent years.
14 Articles
14 Articles
In the hope of an early opening of the road from Hormuz, larger LNG purchases have been postponed in Europe. Now the question arises: How expensive is it to secure the winter in time?
The level of gas in European storage is about 54 per cent and is one of the lowest in 15 years.
Europe Heads Into Winter With Its Weakest Gas Cushion In 15 Years
Europe is unlikely to refill its natural gas storage facilities to even 80% before winter, Equinor CEO Anders Opedal said on Wednesday, Reuters reported, raising the prospect that the continent will enter the heating season with its smallest supply buffer in years. European gas storage sites are currently about 54% full, the second-lowest level for this point in the year in 15 years and well below the five-year average, according to Equinor and …
The average gas storage replenishment rate in the European Union countries this July is one of the lowest since records began in 2011. This is according to TASS, citing data from the Gas Infrastructure Europe (GIE) portal.
Europe may struggle to meet its goal of filling its gas reserves by 90 percent before winter, energy giant Equinor warns. The announcement comes amid a period of massive price increases.
Coverage Details
Bias Distribution
- 60% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
