European gas storage facilities hit their lowest level in October since 2011, as per data from Gas Infrastructure Europe. Gas withdrawals were 43% lower than the previous year. However, gas inventory in the EU reached a historical high in October, exceeding 99% capacity. The entry of Underground Gas Storage facilities into the European gas transmission system increased their capacity by 11.4% in September. Gazprom currently supplies gas to Europe through the Ukrainian entry point, with a daily capacity of 39.7 million cubic meters and the Sudzh gas metering station.

In October, European gas storage facilities contained 5 billion cubic meters of gas, which is 43% less than the average of previous years. Gas withdrawals from the storage facilities reached a capacity of 865 million cubic meters, 54% lower compared to the previous year. This marks the lowest level since 2011.

October 31st saw European gas inventories in storage facilities increase by 99.32%, surpassing the previous five years by 9.2 percentage points. The current storage holds 109.43 billion cubic meters of gas, a historical maximum.

Central and Western Europe experienced hot weather similar to the previous week, while Gazprom’s electricity production saw a 20% increase in October.

The price of gas in Europe rose by 13% in October. On September 29th, gas futures were traded at nearly $465 per thousand cubic meters, but on October 31st, prices closed at $524 per thousand cubic meters. The average price increased by 23% in October, with the average price per thousand cubic meters reaching $513.

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