Gas withdrawal from European underground storage facilities (UGSF) in November 2023 turned out to be 25% higher than last year, and the rate of withdrawal in the current heating season is significantly higher than the average of the previous five years, according to data of Gas Infrastructure Europe (GIE). The total accumulated gas reserves in the EU reached a historical maximum of 99.63% in early November, after they began to decline rapidly against the background of a cold snap. At the same time, LNG shipments from terminals to the European gas transportation system increased by 16% last month compared to October.
European UGSF were replenished by 1.2 billion cubic meters in November, which is 2.2 times lower than last year's figures. Gas withdrawal from storage facilities amounted to 5.6 billion cubic meters — 25% more than a year earlier.
The heating season in Europe began on November 7, 2023. (a week earlier than in the last autumn-winter season), and since that moment, the EU countries have taken 5.4 billion cubic meters of gas from storage facilities. At the same time, the total gas withdrawal from UGSF on the 24th day after reaching the maximum of their filling is already 11% higher than the average value for this day over the previous five years. The last gas withdrawal season from European underground storage facilities ended on April 7, 2023, when 55.47% of reserves remained in them.
Gas reserves in European storage facilities fell to 95.33% on November 30, which is 10.74% higher than the average for this date over the past five years. Now they contain 105.1 billion cubic meters of gas. European countries filled their underground storage facilities with gas by the target 90% for the heating season back in mid-August, and by the beginning of the selection season they had accumulated a record 99.63% in them.
The weather during the current week in Central and Western Europe will be slightly warmer than in the previous seven days. The share of wind generation in the EU's electricity generation increased to 22% in November.
The price of gas in Europe decreased by 10% in November. If on October 31, gas futures were trading at about $524 per 1,000 cubic meters, then on November 30, 2023, trading closed at $ 470. At the same time, the average price for November decreased by 0.2%, to $512.5 per 1 thousand cubic meters.
LNG shipments from terminals to the European gas transportation system increased significantly in November after falling a month earlier. By the end of November, they amounted to 11.61 billion cubic meters, being 16% higher than in October and 2% lower than last year. This figure was the second for November in history. The previous maximum was set in November 2022.
In just 11 months of 2023, LNG flows from terminals to the European gas transportation system amount to about 118.5 billion cubic meters — 1.5% more than in the same period last year.
LNG in 2023 ranks first in terms of the share of gas sources in Europe — 40%, according to data from the European Network of Gas Transmission System Operators (ENTSOG) on November 29. Supplies from the North Sea (mainly Norwegian gas) are in second place with a share of 29%, and supplies from North Africa are in third place with 12%.
The share of gas supplies from the East (Russian gas, Ukrainian gas supplies, as well as withdrawal of European companies of their gas from UGSF in Ukraine) increased to 9.4%. This is more than supplied from the UK (6%).
