Europe’s first cold snap of the season arrived over the weekend, further cutting into natural gas storage inventories and helping to push prices higher Monday. 

Already low storage inventories on the continent were cut to 66.8% of capacity from 67.5%. Maxar’s Weather Desk said Monday that the one- to five-day timeframe shows wide-spread “below, much below and strong below anomalies’ ‘ favoring Norway, Sweden, Finland, the UK, Germany and Italy as an upper level trough builds across northern and central Europe. Warmer weather is expected in western Europe over the next six to 10 days.  

If storage is depleted at a rate similar to the five-year average, the continent could end winter with natural gas inventories at just 21% of capacity, according to Rystad Energy.

[© 2024 Natural Gas Intelligence. All rights reserved.

ISSN © 1532-1231  |  ISSN © 2577-9877  | 

Related topics: Asia Europe LNG Recap

@JamisonCocklin

email jamison.cocklin@naturalgasintel.com