European gas reserves rise slightly, helped by LNG inflow, weather

Europe’s natural gas reserves have risen slightly, helped by the arrival of LNG tankers at European shores in recent weeks and, possibly more crucially, the mild winter weather experienced around the continent during the festive period, latest data has shown.

Gas deposit deficits have narrowed since December 24, while inflow marginally exceeded consumption between December 30 and January 1, according to Gas Infrastructure Europe (GIE).

This trend is definitely beneficial for Europe ahead of the further winter period, improving reserve levels for greater sufficiency until March.

Natural gas prices in Europe dipped to 66 euros per MWh yesterday before rebounding to 80 euros per MWh.

At present, it is estimated that 46 American LNG tankers are bound for Europe carrying a combined quantity of approximately 4.1 billion cubic meters. It remains to be seen if gas prices can keep falling.