Joachim Endress is an independent gas market analyst, specialized in short- and mid-term forecasts for the European gas market
It was an exceptional year at the European gas markets, with hub prices hitting all-time highs and storage inventories standing at record lows. During summer, supply was tight due to strong Asian demand, limited gas flows from Russia and interrupted supply from Norway due to maintenances, which had been postponed during the pandemic and were carried out during the summer. Record high hub prices in the further course of the year required industrial production curtailments and increased gas-to-coal or even gas-to-oil switching. Hence, winter season started at record low gas storage inventories. The storage deficit since then has even increased.
The latest report provides focus on:
- Gas & Power Markets: The dislocation of the gas curve
- Pipeline supply: The impact of the strong decline of Russian gas flows
- Production: Dutch production ramped up
- LNG: Explosion of freight rates and European supply
- Nord Stream 2: An assumption of the most likely timeline
- Storage: Withdrawal rates at record highs and the deterioration of Europe’s storage situation
- Storage Forecast: Why the 30% target by the end of winter won’t be reached
Find the report here: GAS MARKETS December 2021 .
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