EU gas storage: half full or half empty? – Commerzbank

The mood on the European gas market remains nervous: the next futures contract for the reference price TTF is now trading 5% higher than Tuesday's low, Commerzbank's commodity analyst Barbara Lambrecht notes.

Two thirds of the gas storage facility in Breitbrunn remains empty

"EU storage facilities have recently been filled faster than in previous years and that the gap to the 5-year average has therefore narrowed. So much for the good news. Nonetheless, it will probably still take a lot of effort to fill the storage facilities by the start of next winter."

"This is particularly true in Germany, where the filling level is currently only 44% according to the GIE (while the EU as a whole has already reached a filling level of 52%). The news that the operator of what it claims to be the third-largest gas storage facility in Germany has once again failed to find a bidder for additional gas storage capacity has now caused concern."

"This means that c. The operator had already announced that the critical filling level of 80% as of 1 November could no longer be achieved due to the slow injection rate for technical reasons. This year's refilling phase will therefore not be a walk in the park."