Germany Gas Reserves Now At 91.3%, Ahead Of 95% Target By November 1

After reports circulated that Germany might miss its November 1 target of filling up 95% of its gas reserves, the country’s storages are now reportedly 91.3% full.

Europe’s largest energy exporter has its gas coffers filled way ahead of its schedule, with current storage filled higher than EU average of 87.7% full storage.

Back in August 2022, Berlin announced that it hit the 85% level in its reserves by September 1, one month ahead of schedule. The announcement relaxed the gas futures market to make prices fall sharply back below €300.

But the indefinite shutdown of the Nord Stream 1 pipeline has provoked uncertainty to the country’s capacity to meet its energy storage targets ahead of the winter season – especially now given the recent suspected sabotage of the pipeline that will truly make the gas source unavailable for an indefinite period of time.

Filling up more than 90% of Germany’s gas storage facilities has helped cooled down the Dutch benchmark after its recent spike induced by the discovered leaks on the Nord Stream pipelines.

Meanwhile, storage facilities in Poland, France, and Denmark are reportedly more than 95% full. The Netherlands, Italy, and Belgium are also said to be nearing 90% full of its storage capacities.

While Germany nears to filling up 100% its gas storage sites, a paper submitted by London School of Economics and Political Science’s Benjamin Moll argued that the reserves might just be enough for “about two winter months.”

Recently, Chancellor Olaf Scholz revealed the plan to inject about €8 billion into Dusseldorf-based gas firm Uniper, which makes the government its largest shareholder and effectively nationalizes the country’s biggest gas importer.


Information for this briefing was found via Trading Economics and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

One Response

  1. Without a steady inflow of gas, how will Germany extract its reserves?

    I suspect that those ‘reserves’ are just a buffer where seasonal excesses are stored but remain inaccessible without inflow.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Climate Activist Greta Thunberg Calls Germany’s Nuclear Exit “A Mistake”

Swedish climate activist Greta Thunberg believes it is irresponsible to shut down Germany’s still operational...

Tuesday, October 11, 2022, 02:20:00 PM

Germany Invokes Emergency Gas Plan Ahead of Russia’s Ruble Demand Deadline

Germany enacted an emergency plan to help brace for natural gas disruptions from Russia ahead...

Wednesday, March 30, 2022, 05:45:50 PM

Russia Tells Europe it Will Not Boost Gas Supplies Without Nord Stream 2 Approval

Russia has told Europe it will not go out of its way to ensure that...

Wednesday, October 20, 2021, 10:18:00 AM

Did Germany’s Economy Minister Just Accuse The US Of Profiteering Gas Revenues From The War?

Germany’s Economy Minister Robert Habeck has come close to accusing the United States and other...

Wednesday, October 5, 2022, 01:32:00 PM

Germany Looks To Modernize Military Recruitment But Stops Short of Conscription

The German government approved a draft law Wednesday requiring young men to complete a mandatory...

Sunday, November 10, 2024, 11:37:00 AM