European natural gas inventories hit their lowest level for this time of year since 2009 as the region enters the winter gas withdrawal phase
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EU natural gas inventories have declined for the first time this year, with the current storage filling rate at around 74% and Germany's at only 61%, both the lowest for this time of year since records began in 2009. Europe has entered the winter gas withdrawal phase, drawing on reserves. The Dutch front-month natural gas futures contract, Europe's benchmark, has surpassed 90 euros per megawatt-hour, nearly tripling from last winter. Goldman Sachs warns that if Gulf LNG exports remain at one-quarter of normal levels and the winter is colder than average, EU natural gas prices could surge to 150 euros.
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- ZeroHedgeEurope's natural gas inventories are at their lowest level for this time of year since 2009, and reserves are starting to be drawn down.
European natural gas futures rose for a second consecutive day, as EU gas inventories declined for the first time this year. The current storage filling rate is around 74%, while Germany's is only 61% — both the lowest for this time of year since records began in 2009. The European benchmark Dutch front-month natural gas futures have broken through EUR 90 per megawatt-hour, nearly tripling compared with last winter. Goldman Sachs warned that if Gulf LNG exports remain at one-quarter of normal levels and the winter is colder than average, EU natural gas prices could surge to EUR 150.
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