European countries have accumulated more gas than they need.
Thursday, October 27, 2022

European countries have accumulated more gas than they need.

This has occurred due to a sharp increase in the import of liquefied gas, warm weather, and a significant drop in gas prices, writes Bloomberg. However, according to Gas Infrastructure Europe, Europe’s efforts to build up reserves mean that European storage is 93.6% full, while Germany’s is 97.5% full. And although such indicators provide some comfort for the market, in Germany, it is enough to satisfy the demand for only two months of cold weather. Because of this, Europe will have to purchase more liquefied gas. So far in October, Northwest Europe has plans to receive 82 LNG tankers. This is 19% more than in September.

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