Germany switches to net storage withdrawals, gas stocks drop from 100% full

Germany saw net gas storage withdrawals on Nov. 14, pushing stock levels in the country's sites back below 100% of capacity, the regulator Bundesnetzagentur said Nov. 16.

Storage sites had been filled to 100% of capacity on Nov. 13, with the regulator saying some facilities could hold more gas than their nameplate capacity suggests.

The switch to net withdrawals on Nov. 14 was the second such move so far this winter following a first switch on Nov. 3, regulator data showed.

As a result, Germany's gas storage sites were filled to 99.95% of capacity as of Nov. 14. "Gas is currently being withdrawn on balance," the regulator said.

Germany set itself strict storage filling targets over the summer to improve supply security following Russian gas supply curtailments, with storage injections having surpassed expectations.

Germany required its facilities to be filled to 75% of capacity by Sept. 1, 85% by Oct. 1 and 95% by Nov. 1. All the targets were met ahead of time.

The next German gas storage target is for sites to be filled to 40% of capacity by Feb. 1, 2023, the German economy ministry said Nov. 15.

High prices

The strict targets saw significant state-backed gas purchasing over the summer, which helped keep prices at sustained highs.

Platts, part of S&P Global Commodity Insights, assessed the benchmark Dutch TTF month-ahead price at a record high of Eur319.98/MWh on Aug. 26.

Prices have weakened in recent months due to healthy gas stocks and demand reductions, but are still historically high, with Platts assessing the TTF month-ahead price at Eur122.48/MWh on Nov. 15.

The regulator said the major Rehden storage facility -- Germany's biggest -- was filled to 94.7% of capacity as of Nov. 14.

Rehden was filled over the summer using state funds after Russia 's Gazprom, the former owner, left it close to empty last winter.