EconomyEuropean companies reduce gas extraction from underground storage facilities

European companies reduce gas extraction from underground storage facilities


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Pipe Line. archive photo

European companies slightly reduced the rate of gas extraction from underground storage facilities

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MOSCOW, February 2 – RIA Novosti. According to the Association of European Gas Infrastructure Operators (European Gas Infrastructure, GIE), European companies slightly reduced the withdrawal rate from underground gas storages (UGS), the application for gas transit through the territory of Ukraine remained at the previous day, and Ukraine’s GTS Operator.

According to GIE data, according to the results of the gas day on January 31 (ending February 1 at 8.00 Moscow time), gas reserves at the European UGS plants are approximately 78.5 billion cubic meters. Withdrawals dropped to 0.52 percentage points (pp) per day, compared to 0.58 the day before. While this is a preliminary GIE assessment, it may be revised at a later date.

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Now European UGSFs are filled up to 72.09%, which is about 20 pp. higher than the average at the beginning of February in the previous five years and almost 35 pp higher than on January 31 last year.

Application for gas pumping on February 2 through the gas metering station (GIS) “Sudzha” is 29.3 million cubic meters compared to 29.4 million cubic meters the previous day. The indicator on February 1 increased by 20%. Analysts attributed this to the convergence of Gazprom’s contract gas prices to market prices for immediate delivery the next day or a few days later (spot).

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Since the end of May last year, gas supplies from Russia to Europe via Ukraine have been at the level of 40-43 million cubic meters per day. However, from January 4 this year, the figure fell below 38 million cubic meters, from 32.6 million cubic meters on 18 January, to 25.1 million the next day, down 23%, and from 20 January to 24.4 million. cubic meters and remained at this level. At the same time, the transit agreement between Gazprom and Ukraine assumes the guaranteed daily pumping volume from 2021 (on both sides) to 109.6 million cubic meters.

Source: Ria

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I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.


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