Energy crisis: Impact on European gas markets (15 April)

Another record month for LNG imports combined with storage withdrawals slowing significantly means Europe inventories have entered the 5-yr range. However daily Russian flows continue to fluctuate, and prices still reflect the risk premium of Russia-Ukraine war. In our eighth Energy crisis: Impact on European gas markets report, we explore the following: • The impact of a third consecutive month of record LNG imports to Europe • Fluctuating Russian flows and supply disruption concerns as Russia’s war on Ukraine continues • The effect of recent weather dynamics and the power supply mix on power and non-power gas demand • European storage inventory and withdrawals relative to the 5-year average