Gas storage crisis in Europe… What crisis?

In this week’s Resonance energy market podcast Jeremy Nicholson talks to Alfa's Jason Durden, Head of Energy Markets and Risk Management, about the current energy crisis being one of price more than storage.

Topics explored include:

• 6-month low for Brent crude and other commodities.
• Oil refinery data suggests Chinese growth is down whilst OPEC and the IEA differ on outlooks for the balance of 2022.
• Property crisis in China likely affecting demand.
• Surge in LNG deliveries to the UK and Europe.
• Gas flows continue to trickle in through Nord Stream 1.
• Gas storage at 86% in France, 77% in Germany and Italy. 19 days till EU’s -%+ storage target is met, albeit at great cost.
• Rising risk of default with delivered costs approached £1/kWh.
• Reliant on Russian gas for some time to come - no quick solutions via electrification of heat, more renewables, energy efficiency, or production of own gas.