According to Gas Infrastructure Europe (GIE), gas reserves remaining in Europe’s UGS facilities amount to 39.2 billion cubic meters as of February 28, the last day of the calendar winter. Said gas reserves account for 38.5 per cent of the total storage facilities’ volume, with this amount being 24.3 billion cubic meters lower than a year ago.
The average gas withdrawal rate is 36 per cent above the level of the preceding season and 22 per cent above the average level observed over the previous ten years.
It should be noted that this occurs under the weather conditions that correspond to the regions’ climate normals.
Gas is being withdrawn from the inventories accumulated during the previous years.
The reserves that had been prepared for this winter period were depleted back in January. As of February 28, a total of 58 billion cubic meters of gas were withdrawn from Europe’s UGS facilities, which is 1.5 times higher than the amount injected into the facilities in summer.
Over the previous 10 years, the withdrawal season at European UGS facilities lasted from 19 to 51 days after the end of the calendar winter (i.e. after February 28). The volume of gas withdrawn from the underground storages during each of said periods varied from 1.8 to 11.2 billion cubic meters. This year, the figure may be higher.
Therefore, by the beginning of the injection season, the gas reserves in Europe’s storages will have been spent to a considerable degree. Taking into account the reduction in reliable gas supply sources available, it is going to be a challenging task this summer to fill European UGS facilities and get thoroughly prepared for the winter.
In Türkiye, gas consumption hits new record highs.
According to the calculations based on relevant data of Türkiye’s exchange company EPİAŞ, gas consumption across Türkiye was at a record-high level in November-February and exceeded 30 billion cubic meters. An absolute record in terms of monthly gas consumption – more than 8 billion cubic meters – was set in February. As per the statements of BOTAŞ, February also saw Türkiye set two new records for the country’s daily gas consumption, hitting a new record high at 333.7 million cubic meters.