GAS WITHDRAWAL FROM EUROPEAN UNDERGROUND STORAGE FACILITIES IS EIGHT TIMES HIGHER THAN INPUT

Gas withdrawals from Europe’s underground storage facilities (UGS) are more than eight times higher than injections in cool weather conditions, data from Gas Infrastructure Europe shows.

Europe's October gas extraction increased 2.5-fold to become the 4th highest in history for this month, while injection was the lowest since 2012 and 38% lower than in 2023.

Gas on European stock exchanges is traded at a price of around 443 dollars per thousand cubic meters.

On November 4, according to Gas Infrastructure Europe, gas injection into underground gas storage facilities in the EU countries amounted to 27.8 million cubic meters. At the same time, the selection was 238.8 million cubic meters. Now UGS facilities in Europe are 95.01% full (2.3 percentage points more than the average for this date over the past five years), they contain 105.5 billion cubic meters of gas.

The share of wind generation in EU electricity generation increased to 17.9% in October, after averaging 14.4% since the beginning of November.

Total receipts of liquefied natural gas from terminals in the European gas transmission system in August became the lowest since October 2021, but began to grow in the fall and amounted to 8.77 billion cubic meters in October. m, being 11% more than in September. However, this figure was the lowest for this month since 2021. Currently, the capacity for regasification of liquefied gas and its further injection into European gas pipelines is 45% of the maximum.

The average purchase price of gas in Europe in October was $456 per thousand cubic meters, and in November so far it has been around $448.