Germany's 100% Gas Storage Fills, Prices Fall 4.5%!

World » EU | November 7, 2023, Tuesday // 08:44
Bulgaria: Germany's 100% Gas Storage Fills, Prices Fall 4.5%!

Germany's natural gas storages are filled to 100 percent of their capacity, according to a report by the Association of European Gas Infrastructure Operators (Gas Infrastructure Europe - GIE). The capacity of the facilities in Germany is reported to be at 100.03% based on preliminary data, with allowances for changes in gas volume due to temperature variations. The German government has stated that these quantities are sufficient to cover the average consumption for two to three winter months.

"We are much better prepared than we were last year. However, we urge people to continue to think carefully about what can be saved," said Klaus Müller, the chairman of Germany's national energy regulator, the Bundesnetzagentur.

Gas reserves across the European Union are also reaching their full capacity, with data from the European association indicating that the level is nearly 99.6 percent. As a result, the price of natural gas in Europe has dropped by more than 4% to 46 euros per megawatt hour since Monday. This price decline is attributed to the unusually warm weather for the season and the availability of ample gas storage facilities.

Investor concerns about gas supply disruptions due to the conflict between Israel and Hamas also appear to be easing. Gas supplies from Israel to Egypt have been resumed, despite being lower than usual, at 250 million cubic feet per day, down from the typical 800 million. This situation contrasts with previous threats by Vladimir Putin to halt energy resource supplies to Western countries.

Putin had stated that Russia would refuse to supply energy resources to "hostile" Western nations. However, with Europe's full gas storage and milder-than-usual weather expected in western Europe, reducing demand for heating fuels, concerns about gas supply disruptions have decreased.

As of yesterday, the December futures of the Dutch gas hub TTF have fallen by 4.5% to 45.90 euros per megawatt hour, breaking below the 46 euros level for the first time since October 12.

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Tags: Germany, gas, europe, supply

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