At 80 percent
Natural gas storage tanks are filling up again
06/29/2023, 2:28 p.m
Winter still seems far away. But the question could soon arise again: is there enough gas? After all, the filling levels are currently rising, and apparently much faster than last year.
The natural gas storage facilities in Germany have reached a level of more than 80 percent. According to data from the European gas storage association GIE this Thursday, reserves rose by 0.08 percentage points to 80.04 percent on June 27. As can also be seen from the data, the filling levels have risen continuously since the end of May. Accordingly, the reserves also increased in mid-June, when the gas price rose sharply for a short time. At that time, the trend-setting futures contract TTF for delivery in one month on the Amsterdam stock exchange was temporarily trading at more than 46 euros per megawatt hour (MWh).
Since the high in mid-June, the gas price has fallen again significantly. The futures contract TTF was traded at EUR 32.75 per MWh on Thursday.
The lowest filling level in German gas storage facilities so far this year was 63.58 percent on March 17. Gas storage facilities are filling up much faster than last year, when the fallout from the war in Ukraine fueled concerns about gas supply shortages.
The storage facilities compensate for fluctuations in gas consumption and thus form a buffer system for the market. In winter, the fill levels usually decrease. From the end of March/beginning of April, more is usually stored than withdrawn.