Business · Energy & Commodities · 8 hrs ago

Europe withdraws 3 bcm of gas from storage since heating season began

Europe withdraws 3 bcm of gas from storage since heating season began

Since the heating season began on October 28, European countries have withdrawn more than 3 bcm of stored gas.

The withdrawals are happening at a record pace, with daily records set on seven of the first 11 days.

Storage was 72.65% full on November 7, far below the five-year average for that date and lower than a year earlier.

Europe began the season with record-low reserves, and the amount held in EU storage was the lowest since 2013.

Net withdrawals have already used 5% of the gas stored over summer, as colder weather increases demand for heating.

The European Commission normally asks EU countries to fill storage to 90% between October 1 and December 1, with some flexibility when filling is difficult.

The Commission was prepared to lower this year's target to 80%, citing expectations of a very mild winter.

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