EU gas storage facilities are filled well above average

As winter draws to a close, gas storage facilities in Europe are filled well above the average for the last 10 years. This high level of storage is expected to persist until the end of winter. That could have a positive effect on prices of natural gas. Reuters reported.

As of 4 March 2023, EU natural gas stocks were around 59% full, or 665 TWh out of 1 123 TWh, according to data from Gas Infrastructure Europe (GIE). However, the figures for Italy and Spain for that specific day are estimates, as some storage operators do not update their data regularly. Some estimates are also included for Germany, but most of the data is up to date.

According to GIE data, EU gas storage facilities were almost 28% full on 4 March 2022, exactly one year ago. The average for the last 6 years on the same date is around 36%. Storage levels almost as high as the 59% recorded at the beginning of this March were reached in March during the 2019/2020 winter season.