Europe began to use the gas stored for the winter

June 19, 2022 by No Comments

After the reduction of supplies by Gazprom to Europe, the countries of the region were forced to use fuel from reserves. They began to actively pump it in anticipation of the winter season, according to Bloomberg.

Against the backdrop of Gazprom’s decision to stop the operation of several Siemens gas turbines due to technical problems, France, Italy, Austria and Germany faced a reduction in supplies. Stocks in underground gas storages (UGS) in Europe decreased for the first time since mid-April. As of June 14, they were 52 percent full. According to the latest data, reserves have fallen by one percentage point, although gas is usually only injected during the summer period, and the received volumes are stored until the peak of the winter season.

Such actions are causing fear in the market, and energy prices are likely to rise, said Warren Patterson, head of commodity strategy at ING Groep NV. In addition to problems with the supply of natural gas from Russia, smaller volumes of LNG are also shipped to Europe from the United States due to the shutdown of one of the country’s largest plants.

Gazprom has decided to stop the operation of another Siemens gas turbine at the Portovaya CS due to the end of the overhaul period. The daily output from June 16 is up to 67 million cubic meters per day, the company said.

According to the research group Wood Mackenzie, under the worst-case scenario, Europe will not be able to reach the required level of gas reserves by the beginning of the heating season. Region may run out of reserves by January

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