EU snapshot – Feb 2018

Published at 18:44 5 Mar 2018 by . Last edited 15:12 5 Nov 2018.

Cold weather y/y supported aggregate gas demand across Europe in February, increasing the stockdraw y/y. Strong Russian and Norwegian supply helped offset drops in Dutch and UKCS supply. LNG sendout was mixed—up in the UK, Spain and Belgium, but down y/y in Italy and France as higher-priced Northeast Asian markets continued to pull cargoes away from European ports. NW European stocks began March at 27.9 bcm, down by 1.3 bcm y/y.

  • Aggregate UK end-user gas demand was up by 1.3 bcm (17%) y/y to 8.9 bcm.  Res-com demand rose by 1.1 bcm (20%) y/y to 6.9 bcm, while power sector gas demand received a boost from lower nuclear and coal-fired generation. Aggregate supply to UK end-users was 8.3 bcm, up by 0.85 bcm (11%) y/y, as higher continental imports and LNG regasification offset lower receipts into UK terminals. UK imports from Belgium via the Interconnector were higher by a hefty 0.7 bcm (147%) y/y at 1.2 bcm, while LNG sendout totalled 0.33 bcm, up by 0.14 bcm (76%) y/y.
  • Higher y/y gas demand in Belgium, France and the Netherlands encouraged a strong stockdraw in the region, widening the y/y storage gap. Res-com was the main driver, with power sector gas demand falling y/y in France and Belgium. Total Dutch output fell by 0.40 bcm (9%) y/y to 4 bcm. The y/y drop was the smallest since January 2017, suggesting that some of the cold-weather production flexibility available to Groningen was used. France balanced last month with higher gross imports from the Netherlands and Germany. LNG sendout from the region was muted.
  • Net supply into Germany was 5.6 bcm last month, unchanged y/y. Hefty Russian supply offset a drop in Norwegian takes, while strong flows from Germany into the Czech Republic, France and Belgium boosted gross exports. Aggregate demand totalled 12.3 bcm, 2.2 (21%) more y/y.
  • Total Spanish demand rose by 0.44 bcm (15%) y/y, driven by a 0.35 bcm (16%) y/y rise in non-power sector gas demand. Gas-fired generation rose by 0.46 TWh (30%) y/y, offsetting declines in nuclear and wind generation and driving power sector demand up by 0.09 bcm y/y to 0.40 bcm. All supply sources increased y/y. Algerian flows were 0.09 bcm higher y/y at 1.46 bcm, while French imports rose by 0.07 bcm y/y to 0.32 bcm. LNG sendout was higher by 0.20 bcm (5%) y/y.
  • Lower temperatures drove Italian total gas demand to increase by 0.84 bcm y/y to 8.85 bcm, with res-com rising by 0.91 bcm y/y to 5.55 bcm. Power sector gas demand shrank by 0.11 bcm (5%) to 2.05 bcm despite a minor 0.16 TWh (1%) increase in thermal power generation, indicating more coal burning during the month. European pipeline imports into Italy increased by 0.72 bcm y/y to 3.04 bcm, more than offsetting 70 mcm lower y/y African imports and a 92 mcm y/y drop in LNG sendout.
European consumption and end-user supply, bcm
Source: Country SOs, GIE, Energy Aspects

Log in to download

Other Europe publications

Hitting parity

Published 4 days ago

2019-06-12 Natural Gas - Europe - Hitting parity cover
For the NW Europe hubs, the TTF looks more bearish than it did at the start of May. The y/y stora..

Read more

End of the losing streak?

Published 6 days ago

2019-06-10 Natural Gas - Europe - End of the losing streak? cover
The fall in European gas prices came to an abrupt end in the tail of last week, with prices risin..

Read more

EU imports

Published 1 week ago

2019-06-07 Natural Gas - Europe - EU imports cover
Pipeline imports in May showed no signs of being turned down in response to high incremental LNG..

Read more

Northwest Europe

Published 1 week ago

2019-06-07 Natural Gas - Northwest Europe cover
The underlying bearish summer fundamentals weighing on continental Northwest European gas markets..

Read more

NBP

Published 1 week ago

2019-06-06 Natural Gas - Europe - NBP cover
Please note that users licensed for the data service can access our UK gas balances by clicking h..

Read more