EU drains gas from storage in quick manner since 2022
Date
12/28/2024 2:55:07 AM
(MENAFN) The EU has accelerated withdrawals from its gas storage facilities, with gas levels dropping by approximately 19% from late September to mid-December, the fastest rate since the 2021 energy crisis, according to the Financial Times citing data from Gas Infrastructure Europe. This sharp depletion contrasts with the more gradual declines seen in the past two years. As of mid-December, EU storage levels were at 75%, down from nearly 90% at the same time last year. Analysts attribute the increased depletion to colder weather, higher demand, and reduced gas imports.
Experts warn that continuing to deplete storage at this rate during winter could complicate efforts to refill it for the following year, particularly as gas prices for next summer's deliveries are higher than for the next winter. Concerns about the EU’s future gas supply have also been raised, with key suppliers like the US and Qatar threatening reduced shipments due to pricing and policy concerns.
Since the escalation of the Ukraine conflict in 2022, the EU has relied more on costlier liquefied natural gas (LNG) imports, stepping away from Russian gas. Although some countries continue importing Russian gas, its share of EU imports has dropped from 40% to about 5% this year. However, Russian gas still flows to the EU via the TurkStream pipeline and a transit line through Ukraine, though the latter's future is uncertain after Ukraine's warning that it will not extend its transit deal with Russia beyond December 31.
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