European Natural Gas Storage Data Revised Lower on Missing Information – Natural Gas Intelligence

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European natural gas storage inventories are lower than previously reported after data published by Gas Infrastructure Europe (GIE) was revised late Monday to include missing information from Italian sites.
GIE said in an update on its website late Monday that Snam SpA provided previously unreported data from its Stogit storage facility for a period running from Dec. 1 to Jan. 8. “All higher level aggregate datasets on country and European Union level have been retroactively recalculated,” GIE said. Stogit is one of Europe’s largest storage facilities. It utilizes nine depleted gas fields in Italy.
European Union storage data was revised lower by two percentage points and was at 51.6% of capacity on Sunday, the latest figures available. Stocks have trended at around 56% of capacity since the beginning of the month and were at 54.7% on Saturday before the revision. Inventories are low for this time of year and have been closely monitored as the continent has battled through natural gas shortages. The five-year average for storage at this point in the season is 68%. 
Prices didn’t increase on the update from GIE, however. Dutch futures shed about $2 Tuesday to close slightly above $26/MMBtu for February. LNG deliveries to Europe are at their highest level since December 2019, according to Schneider Electric. 
Dozens of vessels were redirected from other destinations over the last month to take advantage of record prices in Europe. The Title Transfer Facility (TTF) contract has declined this week as more LNG has helped to offset limited pipeline imports. Warmer weather also has weighed on demand, while windier forecasts have lifted renewables. 
Norwegian pipeline flows started the week off lower because of planned maintenance at the Skarv field. In addition, Russian deliveries from the Yamal-Europe pipeline into Germany via the Mallnow compressor station have been at zero since Dec. 21.
Japan-Korea Marker (JKM) prices have also declined on less competition with Europe for LNG cargoes. A coal export ban that was lifted by Indonesia on Monday may also provide more energy for consumers in Asia. JKM’s decline has kept a lid on TTF prices this week as the markets tend to follow one another. 
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Related topics: Europe storage

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