EU gas storage peaks in December

European underground gas storage (UGS) is more than twice as high as storage withdrawals, which significantly exceeds average values for December. Gas withdrawals from EU inventories dropped, hitting a low for December. With milder weather in many parts of Europe, gas consumption posted a fall and prices plunged. 

83.1% of EU gas storage is now filled, which is in line with 89.94 billion cubic meters of gas (11.55 percentage points higher than the average for this date over the past 5 years). The number of EU countries withdrawing net gas from UGS facilities decreased. 

For this week, the weather in Europe is also looking mild. The temperature in Europe will be above the average of late December in many European countries. Wind power accounts for 20% of the EU’s total electricity this week.