LIVE MARKETS-European gas storage: not as bad as feared

By Reuters News

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EUROPEAN GAS STORAGE: NOT AS BAD AS FEARED

Go back a couple of months and concerns about European gas storage levels heading into winter were becoming louder and louder.

But, according to Citi, Europe is filling up its storage tanks at a faster pace than anticipated.

As of October 7, pan-European gas storage reached 73.1% full, according to Citi, despite expectations of not getting to 70% before winter starts. Cumulative gas injections during September were the most since September 2022, they note.

Reprinted with permission of Citi Research. Not to be reproduced.

"Two oft-discussed factors include the second-warmest September in over 30 years helping to limit demand, and persistently weak Asian LNG demand freeing up LNG for Europe," writes Citi gas and power analyst Maggie Xueting Lin.

"Two less-discussed factors include the availability of gas from Ukraine and further industrial demand cuts in Europe."

Citi has maintained its fourth-quarter TTF base case forecast of €56 per megawatt-hour, implying over 30% downside from its current level of €83.

(Samuel Indyk)

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