Europe's gas prices stabilise as 貯蔵 新規加入s slow: Kemp
By John Kemp
LONDON, June 8 (Reuters) - Europe´s gas 貯蔵 is refilling much more slowly than usual as the 減少（する） in prices encourages more 消費 by 産業の 使用者s and 力／強力にする 発生させる人（物）s while コースを変えるing 液化するd natural gas (LNG) 貨物s to Asia.
Gas 在庫s across the European Union and the 部隊d Kingdom were +261 Terawatt-hours (TWh) above the 事前の 10-year seasonal 普通の／平均（する） on June 6, a 黒字／過剰 of +48% or 1.88 基準 deviations.
The 黒字／過剰 has 狭くするd from +282 TWh (+80% or +2.41 基準 deviations) at the end of the 伝統的な winter drawdown season on March 31 ("Aggregated gas 貯蔵 在庫", Gas 組織／基盤／下部構造 Europe, June 8).
貯蔵 場所／位置s reached two-thirds 十分な on May 24, which was 57 days earlier than the 普通の／平均（する） since 2011, but that 反映するd the 記録，記録的な／記録する 容積／容量 of gas already in 蓄える／店 at the end of the winter.
Since the start of the refill season on April 1, 在庫s have 蓄積するd much more slowly than normal for the time of year, in contrast to the 記録，記録的な／記録する 速度(を上げる） of the refill this time last year.
Total 在庫s have risen by +165 TWh in 2023, the smallest seasonal 新規加入 since 2021 and before that 2015, compared with a 事前の 10-year 普通の／平均（する） 増加する of +186 TWh.
Over the seven days ending on June 6, the most 最近の data 利用できる, 在庫／株s 増加するd by an 普通の／平均（する） of just 2.60 TWh per day, the slowest accumulation for at least 11 years.
在庫s are still on course to reach 1,225 TWh by the end of the refill season, with a probable 範囲 from 1,044 TWh to 1,323 TWh.
Most of these 貯蔵 trajectories are 肉体的に impossible since 最大限 貯蔵 capacity is 概算の at only 1,138 TWh.
In 影響, 貯蔵 will be 十分な much earlier than normal, and the winter drawdown will have to start earlier than usual.
But 事業／計画（する）d end-of-summer 貯蔵 has already fallen from 1,246 TWh (with a 範囲 from 1,102 to 1,413 TWh) on April 1.
Chartbook: Europe gas 在庫s and prices
在庫s have 答える／応じるd to lower prices, with 前線-month 未来s prices 負かす／撃墜する by more than 90% from its 頂点（に達する） in August 2022.
After adjusting for インフレーション, 前線-month prices are in the 52nd percentile for all months since 2010, almost 正確に／まさに in line with the long-称する，呼ぶ／期間／用語 普通の／平均（する）.
Cheaper prices are encouraging more gas-解雇する／砲火／射撃d 世代 (at the expense of coal) and some 激しい 産業の 使用者s to 再開する 工場／植物s idled during the price 危機 in 2022.
Lower prices in Europe are also コースを変えるing more LNG 貨物s to price-極度の慎重さを要する 顧客s in South and East Asia for 力／強力にする 世代.
With 在庫s 蓄積するing much more slowly, the market 調整 appears 井戸／弁護士席 進行中で already.
前線-month prices appear to have stabilised around 25 euros ($26.92) per メガワット-hour for the time 存在, and the summer-winter calendar spread between July 2023 and January 2024 has also 回復するd わずかに to a contango of around 17 euros from a 最近の low of 24 euros in late May.
Stabilising 前線-month prices and a わずかに いっそう少なく-weak spread 暗示する 仲買人s 心配する the 減少（する） in prices has been enough to 妨げる 貯蔵 space running out before the middle of October.
関係のある columns:
- Europe´s gas prices slide on swollen 在庫s (May 11, 2023)
- Europe only has space for a small gas refill in 2023 (April 14, 2023)
John Kemp is a Reuters market 分析家. The 見解（をとる）s 表明するd are his own ($1 = 0.9289 euros) (令状ing by John Kemp; Editing by Susan Fenton)
