Natural gas use down 16% in Europe versus previous similar temperatures, showing demand destruction

Dec. 14-15, 2022: The January 2023 TTF natgas future is rising about 2% today (Thursday) after falling 4% yesterday.

In case you missed it …Unedited from WoodMac:

EDINBURGH/LONDON/HOUSTON/SINGAPORE, 14 December 2022 – Colder temperatures across Europe have increased month-on-month heating demand by 20% in December, but behavioural change in households and services means the amount of gas used in these sectors is 16% lower than previous average consumption patterns for similar temperatures says Wood Mackenzie, a Verisk business.

Despite the recent cold weather, Europe is still on track to end this winter with gas storage levels at 38% and looks set to meet the 2023 European Union target of having inventories up to 90% by November next year. 

The findings were published in Wood Mackenzie report: Europe Gas & Power Markets Short-Term Outlook Q4 2022.   

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