• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Energy Armageddon
  • 24 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 24 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 13 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days Goldman Betting on Cryptocurrencies
  • 7 days Сryptocurrency predictions
  • 12 days Putin and Xi Bet on the Global South
Gasoline Prices Could Return To $5 Per Gallon

Gasoline Prices Could Return To $5 Per Gallon

The struggling global supply chain…

Are You Really Being ‘Gouged’ At The Gas Pump?

Are You Really Being ‘Gouged’ At The Gas Pump?

Consumers are becoming increasingly stressed…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Cold Winter Will Leave Europe Short On Gas Unless Russia Boosts Supply

  • WoodMac: Europe may not have enough natural gas to meet demand in a cold winter, especially if Asia’s winter is cold too
  • There is a risk that European storage levels could drop to zero
  • “The sky could be the limit for European gas prices this winter,”

Europe may not have enough natural gas to meet demand in a cold winter, especially if Asia’s winter is cold too, unless Russian gas deliveries to European customers are increased, energy consultancy Wood Mackenzie said on Friday.

There is a risk that European storage levels could drop to zero in case of colder-than-usual temperatures in the northern hemisphere.

“With only 29 bcm of gas in storage, there is a risk storage levels could drop to zero. If this plays out, Europe would be wholly dependent on Russian flows above existing capacity,” said Massimo Di Odoardo, Vice President, Gas and LNG Research, at WoodMac.                      

Weather will be the crucial factor in determining the demand and prices of natural gas over the next few months, analysts say.

According to Wood Mackenzie’s Di Odoardo, under normal winter weather conditions, Europe will not have a problem with meeting its winter demand, despite the low storage levels going into the heating season.  

However, a colder winter in Europe, Russia, and Asia will boost demand so much that Europe will not be able to compete with Asia for incremental liquefied natural gas (LNG) cargoes. At the same time, Russia’s gas giant Gazprom could have limited capability to increase supply to Europe as it will first cater for the domestic market, Di Odoardo noted.

“A cold winter in both Europe and Asia would risk European storage levels dropping to zero, leaving Europe dependent on timely approval of Nord Stream 2 or Russian willingness to ship more gas through Ukraine if it is to avoid demand curtailments,” he added.

“The sky could be the limit for European gas prices this winter,” Di Odoardo said.

Gazprom is on track to have filled Russia’s underground gas storage by the end of this month, a senior executive said on Thursday, which could potentially mean that the Russian gas giant could send more gas to Europe after that.

The Russian gas monopoly, a major supplier to Europe, has been accused in recent weeks of deliberately withholding additional supply to its customers, thus exacerbating the natural gas crunch and sending prices to record highs.

Earlier this week, Russian President Vladimir Putin suggested that Gazprom could send more gas to Europe.

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News