EU burns through gas storage at fastest rate since energy crisis

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Financial Times 5d ago

EU burns through gas storage at fastest rate since energy crisis - Financial Times

Quick Summary:

Another reason for the fast withdrawal was due to Europe experiencing spells of colder weather, as well as the so-called Dunkelflaute — days when neither solar panels nor wind turbines generate any power — which increased gas demand for power generation.

European gas prices are about 90 per cent below the above-€300 per megawatt hour seen during the energy crisis in the summer of 2022.

Europe has also faced more competition for LNG imports from Asian buyers, who have been drawn by prices that are lower than in recent years.