German inventories of natural gas are scarily low ahead of the winter. We have taken a deep look at
Gazproms major storage sites in Germany (Katharina, Jemgum, Redhen and Etzel), and were almost shocked
by the severity of the issue. Current inventories will run frighteningly close to zero by Mid-March 2022, if usual
seasonal patterns unfold over winter.
The current 16900 MCM/D inventory in Gazproms German facilities is barely enough to survive the winter,
as the inventories usually drops by between 17500-20000 MCM/D between late October and mid-March.
This is too much of a knife-edge situation to be truly comfortable with. Remember that natural gas make up
around 25% of the total energy consumption in Europe still. We are counting on you Vladimir!
Nordea
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