How Europe's gas storage helped balance the European - and global - gas market

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By the end of March, Europe had 33 bcm of gas storage in place, just 1 bcm above the 5-year average (2015-19). Given that there were very high stocks at the beginning of the winter season, this represents a significant increase in storage withdrawals over the winter, similar to what might have been expected during a particularly cold winter. Whilst the winter weather was colder than either of the two previous, very mild winters, we would not have expected to see the level of withdrawals that occurred. However, a period of very cold weather in North East Asia during January resulted in greatly increased Asian LNG spot prices, which gave the necessary signals for spot LNG cargoes to be diverted away from Europe. This was largely backfilled by the call on European storage at a time when stocks were plentiful. This undoubtedly contributed to fast stock withdrawals leaving the gas storage market in a more balanced position than it has been in for several years.

Table of contents

  • Introduction
  • Summer 2020 inventory build
  • Winter 2020 storage withdrawals
  • European LNG supply availability fell significantly during the winter
  • Gazprom’s additional incentive to withdraw from its European storage reserves
  • Country Variations
  • Summer fill 2021
  • Ukraine Storage Utilisation
  • Conclusions

Tables and charts

This report includes 9 images and tables including:

  • Monthly European Storage Inventory
  • European storage withdrawals winter 2020/2021
  • European LNG terminal send out winter 2019/2020 & 2020/2021
  • European Storage & LNG send out November 2020 to March 2021
  • Gazprom storage withdrawals in Europe winter 2016 to 2021
  • Gazprom monthly storage withdrawals in Europe winter 2020/2021
  • Individual country positions at the end of March 2021
  • European storage fill requirements for summer 2021
  • Ukrainian storage utilisation

What's included

This report contains:

  • Document

    Storage Insight April 2021.xlsx

    XLSX 162.19 KB

  • Document

    How Europe's gas storage helped balance the European - and global - gas market

    PDF 838.78 KB