BAKU, Azerbaijan, June 17. European Union (EU) countries are making significant progress in the net gas injection season, Trend reports with reference to the Gas Exporting Countries Forum (GECF).
In May 2024, the average daily volume of gas in underground storage (UGS) across the EU increased to 68.5 billion cubic meters (bcm), up from 63.2 bcm in April. Consequently, the average capacity utilization of UGS facilities in the region rose to 66 percent.
The monthly average gas storage levels have now returned to within the five-year historical range, although they remain the second highest on record for May. Compared to the previous year, there was an additional 2.2 bcm of gas in storage than the average level recorded in May 2023. Furthermore, the gap between the gas storage level in May 2024 and the five-year average for the month narrowed to 15.3 bcm.
In May 2024, gas injections surged, with 7.9 bcm of net gas injections recorded across the region. This included 8.8 bcm of gas injected into UGS sites and just 0.9 bcm withdrawn from storage. From the start of the net gas injection season until the end of May 2024, a total of 11.3 bcm of net gas was injected into storage across the EU.
By the end of May 2024, the average storage level in Austria stood at 79 percent, followed by Italy at 75 percent, and Germany at 73 percent. However, the combined amount of LNG stored in the EU in May 2024 was 2.7 bcm, representing a 7 percent month-on-month decline and 7 percent lower than the five-year historical average for the month.
These figures highlight the EU's ongoing efforts to bolster gas storage levels ahead of the upcoming winter season, ensuring energy security and stability in the region.
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