EU accelerates gas withdrawals amid cold weather, lower imports
Date
12/26/2024 4:53:46 AM
(MENAFN) The EU has significantly increased withdrawals from its gas storage facilities, with levels dropping by around 19 percent from the end of September to mid-December, the fastest depletion rate since the 2021 energy crisis, the financial Times reported on Tuesday, citing data from Gas Infrastructure Europe.
In contrast, the previous two years saw only modest declines in gas storage over the same period. Current storage levels are at 75 percent, a notable drop from nearly 90 percent at this time last year. Analysts attributed the accelerated depletion to colder weather, which has driven up demand, and reduced gas imports.
“Europe has had to rely much more on its underground stores so far this winter than in the past two years to make up for lower liquefied natural gas imports and to meet stronger demand,” Natasha Fielding of Argus Media told the FT.
Experts have cautioned that depleting storage reserves during winter may complicate refilling efforts next year, particularly as summer delivery gas prices are already higher than those for the following winter.
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