European UGS at higher levels than normal

By Rhod Mackenzie

As of mid-February, gas reserves in European underground storage facilities (UGS) are at a record level, but remain below 66%. Since the start of the heating season, over 41 billion cubic meters of gas have been withdrawn from EU underground storage facilities.

On February 14th, 332 million cubic meters of gas were withdrawn from UGS facilities in EU countries, while 28 million cubic meters were injected.

The heating season in Europe started on November 7, 2023, a week earlier than the previous autumn-winter season. Since then, EU countries have withdrawn 41 billion cubic meters of gas from storage. However, the total gas withdrawal from underground gas storage facilities on the 100th day from reaching their maximum filling is 4% lower than the average value for this day over the previous five years. Gas withdrawal from European underground storage facilities ended on April 7, 2023, leaving 55.47% of reserves.

Currently, European UGS facilities are 65.94% full, which is 15.72 percentage points higher than the average for this date over the past five years, containing 72.67 billion cubic meters of gas. European countries filled their underground gas storage facilities to 90% capacity for the heating season in mid-August. By the beginning of the withdrawal season, they had reached a record 99.63% capacity.

Despite warm weather this week in Central and Western Europe, the share of wind power in EU electricity generation rose to 23% in February.

According to TASS, LNG supplies from terminals to Europe's gas transportation system have decreased due to warming. Currently, only 46% of the maximum capacity for regasification of liquefied gas and its injection into European pipelines is being utilized. The average gas purchase price in Europe was $337 per 1 thousand cubic meters in January and approximately $303 in February.