Spot prices for gas in Europe to decline due to record reserves in UGSF - GECF

Record gas reserves in European underground gas storage facilities (UGSF) by the end of the winter season and lower demand for pumping in summer will cause a decrease in spot prices for gas in the region, according to the Gas Exporting Countries Forum (GECF), News.Az reports citing TASS. 

"The low withdrawals resulted in gas storage reaching 61 bln cubic meters at the end of the winter season, which is the highest ever level for winter season end. This creates favorable conditions for the European market in preparation for the 2024/25 winter season, since the gas storage will be close to the maximum capacity with only 40 bln cubic meters of net gas injection required in the upcoming summer season," the report said.

"Such low injection requirements are expected to contribute to enhancing stability on the regional and global gas markets, while exerting downward pressure on spot prices," the organization said.

During the full winter season, only 42 bln cubic meters were withdrawn from gas storage facilities in Europe, which was the second lowest indicator over the last decade. This came amidst a decline in heating demand caused by the warmest winter for over the last 12 years, according to the report.



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