Energy crisis: Impact on European gas markets (03 Mar)

European balances have eased following another record month of LNG imports and Russian flows have stepped up. Storage inventories have now re-entered the bottom of the 5-yr range, but prices still reflect the risk premium of Russia-Ukraine war. In our seventh Energy crisis: Impact on European gas markets report, we explore the following: • The impact of sustained high LNG imports to Europe and record daily sendout levels • Russian flow dynamics in the context of Russia's war on Ukraine and potential supply concerns • The effect of mild weather on power and non-power gas demand • European storage inventory and withdrawals relative to the 5-year average