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European gas storage levels continue to deplete - 25-11-2021

Prices moved further upwards yesterday as Europe continues to see its gas storage deplete, now down to 72% capacity, dropping from 78% a couple weeks ago. The UK’s capacity still sits at 100%. At Europe’s current depletion rate, it will last the winter, but will be severely depleted. The market concern is its only going to get colder and demand increase into the peak winter months, testing there storage levels. The good news is that Europe expects 33 LNG tankers this month, up from 28 in October to boost supply.