Europe's Gas Surplus Depletes Amid Unusual Inventory Accumulation

Europe’s record gas surplus from winter 2023/24 has largely been eliminated due to a smaller-than-usual accumulation of inventories in the summer of 2024. Inventories in the EU and UK have risen by just 336 TWh since March 31, the smallest increase since 2012, compared to a 10-year average of 443 TWh.

Europe's record gas surplus from the winter of 2023/24 has been largely eliminated following an unusually small accumulation of inventories in the summer of 2024, according to Gas Infrastructure Europe (GIE) data.

Inventories across the European Union and the UK have increased by only 336 terawatt-hours (TWh) since March 31, the smallest rise since 2012, significantly below the 10-year average increase of 443 TWh.

Stocks were still 170 TWh above the 10-year average by August 12, but this surplus had narrowed from 277 TWh at the end of winter. The slower-than-usual accumulation was necessary to prevent storage space from running out before the winter of 2024/25.

(With inputs from agencies.)