2023-11-10 16:25:36
European natural gas traders have begun withdrawing fuel from their stocks, which have reached record levels, at a time when the region is witnessing a drop in temperatures with the arrival of winter.
Withdrawals from gas reserves began this week, for the first time since last April, according to European gas infrastructure data.
A report published by Bloomberg stated that the pace of withdrawal from reserves may accelerate in parts of the Old Continent, especially areas witnessing noticeable drops in temperature.
According to the report, withdrawals are currently light from stocks that are 99 percent full.
The report also indicated that gas prices have declined and are heading to incur weekly losses.
The Old Continent suffered from a severe energy crisis during the past year due to the cessation of gas supplies from Russia following the war in Ukraine, as well as damage to the two Nord Stream lines for transporting Russian gas.
Europe was able to store record amounts of gas in preparation for the coming winter.
The stored fuel will serve consumers when demand rises during cold spells or there is another interruption to the continent’s current supplies.
However, Europe remains vulnerable to changes in global flows following the loss of key pipeline supplies from Russia.
Gas prices in the European TTF index fell by 3.5 percent to 46.45 euros per megawatt-hour by 10:03 a.m. in Amsterdam.
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