2023-08-18 14:04:23
Good news for energy markets. According to the European Commission, the EU’s gas reserves are 90% full, two and a half months ahead of the November 1 deadline. As European Commissioner for Energy Kadri Simson says, “the EU is well prepared for winter, this will help to further stabilize the (energy) markets in the months to come”.
The levels of gas stocks vary according to the Member States, from 77% in Latvia to more than 99% in Spain, with France posting a rate of 84%. According to the Commission, a rate of 90% can cover up to a third of EU gas demand in winter.
Russia and its now weaker influence on European stocks
Following Moscow’s invasion of Ukraine and the drastic reduction in Russian supplies, the Twenty-Seven adopted in June 2022 a legislative framework obliging them to collectively achieve a filling rate of their gas storages of 90 % on November 1 of each year.
A way to strengthen their energy autonomy and reduce their dependence on Russian gas supplies. Russia accounted for 15% of EU gas imports in the first quarter, a share halved in one year. At the same time, Europeans increased their purchases of American liquefied natural gas (LNG).
“The game is not over”
The gas market, however, remains vulnerable to sudden outbreaks of fever: prices had soared in early August, following threats of strikes in Australia in major gas installations and once morest a backdrop of robust Asian demand.
“The game is not over, we must remain on our guard and prepare for headwinds”, such as a harsher winter than expected or turbulence on the gas markets, had already warned in July the Czech Minister of the ‘Industry and Energy Jozef Sikela.
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