Gas reserves in European storages reached a record level

In mid-February, gas reserves in underground gas storages in Europe reached a record high of 73.4 bln m³, Azernews reports citing Gas Infrastructure Europe.

Currently, Europe’s gas storages are 66.58 percent full. This is 15.38 percent more than the average for the same period of the last five years. On February 12, 376 mln m³ of gas was withdrawn from storage facilities and 20 mln m³ was injected. Since the beginning of the heating season, the volume of gas withdrawal has reached 40.3 bln m³.

European countries already filled their underground reservoirs by 90 percent in mid-August, and by the beginning of the heating season this figure reached 99.63 percent.

According to London’s ICE exchange, the price of February futures for a thousand cubic meters of gas at the TTF hub in the Netherlands fell below $280 for the first time since July 2023.

In Europe, wind generation has provided an average of 24 percent of the region’s electricity needs since the start of February. In January, the figure was 22 percent.
It is worth noting that the level of natural gas reserves in Europe is one of the main indicators of the state of the global market.