Equinor CEO says European gas storage levels are lowest in 15 years
EQNR•Equinor CEO says European gas storage levels are at their lowest in 15 years, leaving the region more vulnerable than normal entering winter. He also says industrial natural gas demand in Europe is 30% below its five-year average.
1. Storage and demand
Equinor CEO says Europe is entering winter more vulnerable than normal in terms of gas storage, with levels at the lowest seen in 15 years. Natural gas demand for industrial use in Europe is 30% below its five-year average.
2. Longer contracts
The CEO says Equinor is seeing more customers enter long-term gas contracts from Norway, and pipeline gas contracts have lengthened to 15 years and beyond. He also says shipping costs have changed rapidly and the efficient market the company was used to is no longer there.
