The rate of gas injection into European UGS facilities increased against the backdrop of lower resource prices

MOSCOW, September 13 – PRIME. Europe has increased the rate of pumping gas into underground storage facilities over the weekend against the backdrop of a fall in the cost of “blue fuel”, follows from the data of the Association of Gas Infrastructure Operators of Europe (Gas Infrastructure Europe, GIE).

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The daily increase in stocks in the European “underground” on September 10-11 amounted to 0.35 percentage points, while on weekdays last week it did not exceed 0.31 percentage points. Nevertheless, in September the gas injection rates are still lower than in August – 0.3 percentage points against 0.37 percentage points, respectively. In general, European UGSFs are 83.98% full.

Injection rates into underground storage facilities are traditionally higher over the weekend, but the dynamics were additionally supported by lower prices last week. Moreover, the spot prices of the largest European hub TTF have already lost 42% from their peak value reached on August 26, and stock prices have dipped over the same period by 35%, writes Rystad Energy, an analytical company.

The fall continued on Monday, with futures for the TTF index dropping below $2,000 per 1,000 cubic meters for the first time since August 9. As noted by Rystad, the dynamics of gas prices is now dictated by uncertainty regarding the prospects for intervention by European regulators in pricing in the EU energy and gas market. Quotes continue to win back and the achievement of the target level of UGS reserves, which was set at 80% by November 1.

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However, the prospects for a further rise in gas prices with the advent of autumn are growing, as the supply of Russian “blue fuel” remains limited. Gas deliveries through the GIS “Sohranovka” are not conducted, as Ukraine rejects the application of “Gazprom”. Also, the Russian company suspended the operation of the Nord Stream due to malfunctions at the only operating unit of the Portovaya station.

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