Aggregate demand fell across most of Europe in May as warm, sunny weather cut res-com demand, while high renewable generation curbed power sector gas demand. Despite softer demand in most of Europe, overall imports were higher on strong injection demand. A total of 12.3 bcm was injected into stor..
Gas demand in the region was down y/y by 0.23 bcm (11%) to 1.9 bcm in May. Except for Hungary, all countries in the region saw weaker demand, as the warm start to May dented any late-season heating demand. Storage injections in the Baumgarten zone were around 8.0 bcm, some 0.31 bcm higher y/y. Wh..
Continental European prompt prices closed last week modestly down (TTF M+1 down by 1% w/w) for a second week despite the y/y storage gap widening for the first time in several weeks. We expect the storage gap to widen again this week as higher gas burn for power boosts aggregate gas demand and of..
For the region as a whole, we expect gas demand to drop by 0.14 bcm y/y in June, due largely to French and German power sector gas demand weakness. Higher French nuclear availability and alpine hydro levels will remain headwinds, although some support could come from lower wind generation and the..