Europe Enters Winter With Its Lowest Gas Inventory of the 2020s
Asian spot LNG is trading above $30 per million British thermal units and Europe is entering winter with its lowest gas inventory of the 2020s, yet Rystad Energy stops short of predicting a further…
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Asian spot LNG is trading above $30 per million British thermal units and Europe is entering winter with its lowest gas inventory of the 2020s, yet Rystad Energy stops short of predicting a further rally. In its winter LNG outlook, published this week, the consultancy lays out as many ways for prices to fall as to rise and tells buyers to plan for a wide range of outcomes instead of one base case.
EU storage sites were 71.6% full in Gas Infrastructure Europe’s Nov. 11 update, with Germany at 58%, and that is well under the five-year average for the start of the heating season. The International Energy Agency modeled a cold winter combined with continued disruption in the Strait of Hormuz and found that EU storage could fall below 10% of working capacity by the end of March, S&P Global reported. A late cold snap would land when withdrawal rates, which slow as sites empty, are least able to respond.
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