Gas stocks in Europe reach winter levels 2 months ahead of schedule
Photo: gas stocks in Europe reached winter levels ahead of schedule (illustrative photo by gsctanks.com)
As of 19 August, gas stocks in European storage facilities reached 90%, enabling the EU to confidently enter the winter season. This result was achieved more than two months ahead of schedule, Bloomberg reports.
Although the level of storage occupancy is slightly lower than in the same period last year due to slower summer supplies, it is still significantly higher than the average for the last five years.
At the same time, the report notes that Europe remains at risk of sudden supply disruptions. European countries are still discussing how they can replace Russian pipeline flows after the transit agreement between Moscow and Kyiv expires at the end of the year.
In addition, Norway, which is the largest gas supplier to Europe, has entered a period of extensive maintenance, which is causing concern among traders. According to Rystad analyst Christoph Halser, any unforeseen delays or extensions to the maintenance period could cause nervousness in the market.
According to the expert, supplies from Norway play a special role, as Europe is gradually reducing its imports of liquefied natural gas, he adds.
Earlier, it was reported that Austria sees a huge risk in the event of a sudden cessation of Russian natural gas supplies. The country stated that it is necessary to get rid of such dependence as soon as possible.
The fighting in Russia's Kursk region led to a spike in gas prices in Europe. This was due to fears of a supply cut-off after Russia lost control of the Sudzha gas metering station.
However, according to Bloomberg, Russia and Ukraine intend to continue supplying pipeline gas to Europe.
