Germany did not wait for cheap gas: the fuel reached the largest EU storage facility

In July, gas was pumped into the largest storage facility in Europe and Germany. She walks weakly. Perhaps traders were counting on lower gas prices.

In July, gas was pumped into the largest storage facility EU and Germany. In three weeks, 324 million cubic meters of gas were supplied to the Reden UGS and the filling level increased to 10% - 424 million cubic meters. Until the middle of summer, the storage was empty and the stock level fell to 2% by July 9.

Despite the start of pumping, it is weak — an average of 16 million cubic meters per day. To replenish last year's reserves at this rate, it will take almost eight months, while the heating season itself will begin in two to three months.

Obviously, the low level of reserves is due to the fact that gas prices in Europe continue to remain high. On July 31, at the German hub, they are $ 428 per thousand cubic meters. At the same time, the difference with winter deliveries does not exceed $ 10-$ 15 per thousand cubic meters. In such a situation, it may not be profitable for traders to store gas.

According to the open data of the SEFE operator, 700 million cubic meters have been booked so far in Reden for the next gas year, which begins on October 1.

The company, nationalized from Gazprom, is itself a major importer of fuel, including Yamal LNG. But, apparently, she is in no hurry to leave gas in storage. This is facilitated by the decision of the German authorities to reduce the mandatory limit of filling the "Reden" from 90% to 45% by November 1. This approach makes it possible not to provoke the market to price increases. At the same time, this will not increase Germany's energy security.

Last year, Reden's reserves before the heating season amounted to 4.3 billion cubic meters, of which only 0.09 billion remained this spring.

According to GIE, Germany lags behind the average level of storage occupancy in the EU. If the European UGS is filled by 68%, then the German ones are filled by 60%. Italy (80%) and France (76%) are far ahead. Germany is second only to Denmark, Bulgaria, Latvia, Slovakia, Sweden and the Netherlands.