Europe | Natural Gas. October 2022

Summary

Reserves accumulated so far (96 bcm) would cover the EU's natural gas needs for next winter assuming: the current flow of imports is maintained, normal weather and a conservative 5% reduction in consumption.

Key points

• Key points:
• Nord Stream pipeline suffered four ruptures in international waters in the economic areas of Denmark and Sweden.
• Russia further threatened to cut gas flows through the Ukraine pipeline.
• Gas imports in recent weeks were lower than in previous years because the increase in gas from other sources (LNG, Norway, Algeria) does not fully compensate for the closure of NS1.
• However, in the last month gas reserves increased at a higher rate than in previous years due to a drop in consumption.

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