this post was submitted on 07 Oct 2023
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This is the best summary I could come up with:
LONDON, Oct 6 (Reuters) - Europe will enter the winter heating season with a record amount of gas in storage, protecting the region from the threat of shortages and a repeat of last year’s high prices.
The high level of starting stocks, coupled with new LNG import terminals, and some extra gas stored in Ukraine, should ensure inventories remain comfortable no matter what the weather during winter 2023/24.
The front-month futures contract is trading around 38 euros per megawatt-hour, in the 86th percentile for all months since 2010, after adjusting for inflation.
Gas prices remain elevated compared with the years before Russia’s invasion of Ukraine in February 2022.
The large amount of gas inherited from winter 2022/23 has ensured the region only needed a modest refill over the summer of 2023.
Europe’s modest refill requirement and slower importing has lowered prices globally and allowed more price-sensitive customers in Asia to top up their own stocks.
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