With the start of Europe’s heating season 100 days away, gas stocks are expected to only reach 70% of the norm by mid-October.
Last Sunday, Europe’s underground storage facilities were 48% full, well below the 64% average for July 4. Even though gas is being pumped into Ukraine’s storage fields at one third the level of this time last year, Serhiy Pereloma, the General Director of Ukrtransgaz, has predicted that Ukraine will start its heating season with 19-20 billion cubic meters. This is comfortably above the target level of 17 billion cubic meters.
