European underground gas storage facilities are seeing increased withdrawals as result of cold winter temperatures. Gas storage levels at the end of December were 20% lower compared the same period last year. The storage drawdown in combination with EU minimum gas storage mandates are exerting upward pressure on summer forward contracts as injection demand increases. This has in turn driven a backwardation in TTF forwards across summer 2025 to winter 2025 of 2.4 EUR/MWh.
If you are interested in a sample copy of our Q4 Global Gas Report & Databook, which goes into detail on the impact of storage drawdowns & our future outlook, or further information on the bespoke services we offer, please contact David Duncan (Director, Gas & LNG) at david.duncan@timera-energy.com
David Duncan & Ellen Doherty (Senior Analyst) will be attending E-world in Essen across 11-12th February 2025. Please get in touch with David or Ellen (ellen.doherty@timera-energy.com) if you would like to catch up on the services Timera Energy provide across European gas & global LNG, LNG Bridge, our quarterly Global Gas Service or anything else.
