European gas storage drops under 67%
Europe's gas storage facilities were under 67% full as of December 6, according to data from Gas Infrastructure Europe, representing an unusual low for this time of winter.
Europe has seen gas demand surge in recent months while supply has not matched this growth. The EU and the UK now have 21bn m3 less gas in stock than the average for this time of year since 2015, energy expert and professor at Sciences Po Paris, Thierry Bros, estimated in a social media post on December 5. Assuming an average rate of depletion during the rest of winter, he forecast that Europe would end the heating season with its storage facilities only 10% full, marking a record low.
In more encouraging news for European gas consumers, the January gas delivery contract at the Dutch TTF hub is down 2.2% as of 09:10, at €87.5 ($98.8)/MWh. This follows a decline on December 3 to €89.5 from €94.8/MWh on the previous day.