Gas reserves in Europe's underground storage facilities exceed 95%

The total gas withdrawal from European underground storage facilities (UGS) in October is currently the fourth highest in history for this month, while injection is at its lowest since 2011, according to the Gas Infrastructure Europe (GIE), Repor informs via TASS.

As of October 13, gas injection into EU countries' UGS facilities amounted to 152 million cubic meters, while blue fuel withdrawal was 54 million cubic meters. Reserves in UGS facilities have exceeded 95% but are already significantly behind the 2023 record.

Gas on the European exchange is trading at $440 per 1,000 cubic meters.

Currently, European UGS facilities are 95.07% full (3.22 percentage points higher than the average for this date over the past five years), containing 105.5 billion cubic meters of gas. The weather during the current week in Central and Western Europe is expected to be slightly cooler than in the previous seven days. The share of wind power generation in EU electricity production in October has increased to 19%.

Total liquefied natural gas (LNG) inflows from terminals into Europe's gas transportation system in August were the lowest since October 2021, but they increased again in September.

Currently, LNG regasification capacities and its subsequent injection into European pipelines are operating at 36% of maximum capacity. The average gas purchase price in September in Europe was $416 per 1,000 cubic meters, and in October - about $451.