European natural Gas storage has surpassed the 50% mark, but remains well below last year’s levels and the five-year average, highlighting the scale of the challenge ahead. Supply concerns persist amid reduced Norwegian flows due to outages and maintenance. LNG imports will be critical through summer as competition with Asia intensifies, Société Générale’s FX analysts note.
LNG flows in focus as Europe scrambles to meet storage targets
“In the natural Gas market, European Gas storage finally broke above 50% full towards the end of last week. However, storage still remains some distance away from year-ago levels and the 5-year average. This leaves the region with a fairly big task to hit storage targets.”
“Reduced Gas flows from Norway, thanks to outages and planned maintenance, added to supply concerns. LNG flows through the summer months will need to be watched closely as competition with Asia increases.”
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