European natural gas demand remained unusually low in August, helping inventories climb to nearly 93% of capacity by the end of the month.
European demand for natural gas remained near the bottom of the five-year seasonal levels in August, helping inventories end the month at around 93% full, data from the Joint Organizations Data Initiative JODI showed on Monday. Europe’s gas demand, measured in consumption in the EU and the UK, has trended lower for most of the past year amid energy savings measures, high prices last year, and demand destruction from slowing industrial activity.
Ahead of the 2023/2024 winter, gas storage sites in the EU were 98% full as of October 14, according to data from Gas Infrastructure Europe. Europe hit its target to have storage 90% full by November 1 months in advance. Despite the high storage levels, concerns about supply sent Europe’s benchmark natural gas prices soaring last week.
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