News Release
Tapping working gas volume could cushion blow of Europe’s energy crunch
European gas storage has been struggling to fill this summer. Storage at the beginning of November will be about 75% full, at 83 billion cubic metres (bcm), 14 bcm below the five-year average, rattling the market.
A cold European winter could result in storage levels falling to zero by the end of March 2022, unless more Russian gas supply is available versus current export levels.
But there could be an alternative available to the market should this come to pass – tapping the substantial amount of cushion gas available in Europe’s storage facilities. Global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq: VRSK), said using cushion gas could allow an extra 15 bcm enter the market, easing the supply crunch.
