In the fourth quarter of 2022, average European and Asian prices fell back compared to the previous year. European prices have been extremely volatile in the short term, with periods of dramatic, weather-driven declines. The TTF price has fallen over the last four weeks to pre-war levels in Ukraine, a sign of unexpected easing in the European market as the Russian gas crisis intensifies. The drop in gas consumption, due to unusually mild weather and the decline in industrial activity, and the continued strong growth in LNG imports explain the very high level of European gas stocks, which reaches 930 TWh at the beginning of 2023. This situation has pushed down spot and forward prices and eased fears of tensions in the coming months.
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UNDERGROUND GAS STORAGE IN THE WORLD – 2022 STATUS
Key UGS metrics in the world remained virtually unchanged in 2021
Seven new storage facilities were commissioned, six of which were in China and one in Sharjah. These new capacities were largely offset by declines in the main storage markets. Overall, the global number of storage facilities, working gas capacity and peak withdrawal rates remained virtually unchanged year-on-year.
… but interest in UGS is growing, as evidenced by a growing pipeline of new projects and expansions totalling 133 bcm of working capacity
While the UGS market remains highly concentrated, with 5 countries (United States, Russia, Ukraine, Canada and Germany) accounting for almost 70% of global storage capacities, there is a clear shift of storage activity towards new, fast growing gas markets, China and the Middle East notably.
The Netherlands to become the foremost North-Western European hydrogen hub
The International Association CEDIGAZ has just released its National Hydrogen Report: “The Netherlands to become the foremost North-Western European hydrogen hub”, which provides detailed information on the Dutch hydrogen policy as well as market and project developments on both the demand and supply sides. It emphasizes that the Netherlands is now among European frontrunners in the new hydrogen economy and is well positioned to become a European gateway for global clean hydrogen.