Why so negative? Germany’s net storage injections moved into negative territory, with withdrawals outpacing injections.
Nord Stream maintenance, combined with unplanned outages hitting Norwegian gas deliveries led to a sharp decrease in storage injections in recent days.
And while the Norwegian outages are rather short-lived, with supply already ramping-back, the uncertainties around Nord Stream deliveries are likely here to stay.
EU injections stand about 20% below their May levels, at a time when Europe would need to do everything it can to fill up storages as much as possible… this highlights the necessity of introducing demand-side measures to save gas for winter.
What is your view? How will the summer gas market play out? What storage levels will we reach by the beginning of the heating season?
Source: Greg MOLNAR