Core Insights - Traders have significantly increased bookings for natural gas storage facilities in Germany, contrasting sharply with earlier this year when storage levels were at a three-year low and replenishing gas was unprofitable [1] - As of this week, over 70% of the available capacity in Germany's underground gas storage has been booked, aligning with the country's pre-winter storage goals [1] - The recent drop in natural gas prices has improved the profitability of gas storage, with traders injecting nearly 10 terawatt-hours of gas into storage facilities last week, marking the largest weekly increase since 2022 [1] Industry Overview - The increase in natural gas storage is seen as a positive development, with traders expressing reduced risk regarding Germany's gas storage actions, and many believing that storage targets for Germany and the EU are likely to be met ahead of the November 1 deadline [1][2] - BloombergNEF estimates that if Germany continues at the current storage rate, gas storage levels could reach 83% by November 1, while Energy Aspects Ltd. forecasts levels between 80% and 85% [4] - The current storage level is at 55%, with booked capacity yet to be fully utilized, indicating potential for further increases [4] Market Dynamics - A key factor influencing the market is the widening discount of summer natural gas prices relative to winter contracts, making summer storage more attractive for traders [4] - As of last week, the benchmark natural gas futures price for August delivery in Europe was approximately €2.5 lower than the February 2026 contract, marking the largest price difference of the year [4] - Despite the easing of storage concerns, traders remain vigilant regarding risks from summer heatwaves and maintenance work in major supply countries like Norway [7] Regulatory Environment - Although there are indications that government intervention is unlikely, EWE AG has urged the German government to remain open to intervention, citing the real risk of insufficient inventory replenishment [7]
受天然气价格下跌推动 德国储气量达重要里程碑
智通财经网·2025-07-11 11:22