Insight
Northwest Europe’s gas storage paradox
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Report summary
Less than 4 bcm of gas remained in the storage stocks of Northwest Europe (ex. UK) after the 2017/2018 heating season. This raised injection needs, which in turn increased the summer contract price, further eroding summer-winter spreads and the market value of gas storage. Paradoxically, it seems that the more storage has been utilised during the heating season the less it is valued by the market at the beginning of the next injection season. This Insight argues that to break this paradox the systemic value of gas storage should be recognised.
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