European gas storage: not as bad as feared
UNG•European gas storage was 73.1% full on October 7, above expectations of not reaching 70% before winter. Citi maintained its fourth-quarter TTF forecast at €56 per megawatt-hour, more than 30% below the cited current level of €83.
1. Storage levels rise
Europe’s gas storage reached 73.1% full by October 7, as gas injections during September were the highest for that month since 2022. Citi cited a warm September and weak Asian LNG demand as factors supporting the faster-than-expected filling pace, alongside gas availability from Ukraine and further industrial demand cuts in Europe.
2. Citi holds forecast
Citi maintained its fourth-quarter TTF base-case forecast at €56 per megawatt-hour, compared with a cited current level of €83.
