-
European gas storage surplus shrinking
A second consecutive mild winter in Europe left underground stocks at a record 58% full exiting winter, 3.7 bcm above GY-23 previous record. The first two and a half months of summer however have seen this surplus all but eroded. As laid out in a recent blog post, Asian demand has been rebounding over recent months, with buyers returning to the market for spot cargoes, buoyed by lower prices, robust industrial output in China and a heatwave across the S & SE Asia region. With limited new supply coming online in 2024, this is acting to pull flexible LNG cargoes away from Europe, with LNG imports across the region ... (full story)