Best in Energy – 12 August 2022

Australia presses producers to reserve gas for local market

Crypto-mining and electricity demand response

U.S. solar generation installations delayed

U.S./China try to manage Taiwan tensions ($WSJ)

U.S./Iran attempt to finalise nuclear accord ($WSJ)

EUROPE’s GAS INVENTORIES are well above the seasonal average and accumulating at a record or near-record rate as the region attempts to maximise its seasonal storage ahead of the winter and a possible disruption to gas imports from Russia.

  • EU28 gas inventories have risen to 823 TWh up from a post-winter low of 291 TWh on March 19.
  • Stocks are +62 TWh above the prior ten-year seasonal average (+8% or +0.48 standard deviations).
  • The increase in inventories to date from the post-winter low (+532 TWh) is the largest for at least ten years.
  • Inventories accumulated at an average rate of 6 TWh per day over the seven days to August 10, among the fastest seasonal increases in the last decade.
  • Inventories are on course to reach 995 TWh by the end of the refill season (with a likely range of 915-1069 TWh).
  • Expected post-summer stocks are significantly higher than the 878 TWh anticipated at the start of the refill season on April 1 (710-1066 TWh).
  • Expected post-summer inventories have steadily risen as operators have filled storage irrespective of prices.

Expected post-summer stocks are +63 TWh (+7%) above the prior ten-year average (932 TWh).

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