Traders Brace for First Winter Without U.K.'s Big Gas Store
European storage sites aren’t filling up as quickly as usual and may end up starting the heating season at a lower level, which is of “some concern,” according to Pan Eurasian Enterprises Inc.
While Britain had relatively little storage even with Rough, with maximum capacity of just 7 percent of total annual demand versus about 30 percent in Germany, the rest of Europe will have too much until at least 2025, according to Cedigaz, a Paris-based industry research group.
“We have some storage capacity and we luckily benefited from what happened to Rough,” Magne said. “There is too much storage in Europe, in every country you have far more storage than needed. The only country in Europe that is different is the U.K., where you should have storage.”
--With assistance from Elena Mazneva
To contact the reporter on this story: Anna Shiryaevskaya in London at ashiryaevska@bloomberg.net.
To contact the editors responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net, Rob Verdonck
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