European gas storage draws surge by nearly 50% yoy

European gas storage draws surge by nearly 50% yoy

European gas storage fill levels fell below 50% this weekend, meaning that Europe’s storage injections could surge to 55 bcm this gas summer. Colder weather and lower wind power output drove-up European gas consumption by 7% yoy this heating season, with most of the incremental demand met by stronger storage draws, which surged by nearly 50% yoy. Consequently, EU storage levels dropped below 50% of capacity this weekend, with inventories now sta…