Natural Gas Inventories in Europe: EU Targets Missed Amid Supply Concerns
Summary:
Europe fell short of its February natural gas storage target, with several nations missing their thresholds. Despite being 53% full overall, storage levels remain at the lowest point for this time of year since 2022. France, one of the region's largest energy consumers, stored 35.5% of its capacity, below the 41% target.
Key Points:
* The EU requires countries to achieve storage targets within a 5% margin.
* Storage levels in the EU are a concern, as summer gas contracts exceed those for the upcoming heating season, making restocking challenging.
* Germany's proposed subsidies for storage injections have not yet boosted inventory levels.
* Some EU members calculate lower targets with exemptions based on domestic usage or exports.
* Dutch front-month gas prices fluctuated on Monday, following oil price movements.
Conclusion:
Europe's natural gas supply concerns persist, despite meeting its February storage target overall. Countries that miss targets could face consequences from the European Commission. Traders are closely monitoring storage levels, as summer gas prices remain high.