Gas reserves in European storage facilities hit 10-year low

Underground gas storage facilities in Europe have reached the lowest level in percentage terms in the history of the Gas Infrastructure Europe base (since 2011), Report informs referring to Interfax.

As of May 27 morning, the level of reserves in the underground storage facilities was 35.82 percent, which is lower than the minimum recorded in 2018 for this date - 35.95 percent. The current level of gas reserves in European facilities lags behind the average for the last five years by 14.43 percentage points.

In May, the average volume of net pumping (256 million cubic meters per day) lags behind the average for the last five years (373 million cubic meters per day).

If the current rates of injection are maintained by October 20 (the average time for the transition of European underground storage facilities from injection to extraction), their level will be able to reach only 78 percent. The average five-year reserves level at the start of the extraction season is 92 percent.