Germany rushed to save gas reserves

LNG imports to Germany have risen to almost record levels. After a two-week story with the shutdown of the country's largest terminal, companies are in a hurry to receive shipments of liquefied gas. Gas reserves in Germany have fallen to the lowest level since 2018, when the country still had Gazprom.

Since February 19, imports of liquefied natural gas to Germany have risen to almost record levels. According to GIE, almost 48 million cubic meters are shipped to the country's gas transportation system every day. Whereas before that, from February 2, imports were at a level only slightly above 20 million cubic meters.

As EADaily wrote, the bay at the port of Mukran on the island of Rügen in the Baltic Sea froze and gas carriers could not approach the largest floating terminal since the end of January, and the icebreaker sent broke down. As a result, LNG imports in Germany fell from 34 million cubic meters per day to almost 20 million.

Last week, another icebreaker arrived at the terminal in the port of Mukran and the first gas carrier with 100 million cubic meters in the form of LNG was able to unload. Now there is another tanker at the port — Clean Destiny, which also came from the USA.

According to GIE, Mukran LNG restored the return of gas to the GTS to 14 million cubic meters per day and other terminals have already brought shipments to a record level. Obviously, some of the gas carriers were redirected to German terminals in the North Sea.

Supply growth has resumed as never before by the way. Gas reserves in the country's storage facilities fell to 4.9 billion cubic meters on February 21 due to frosts, windlessness and the shutdown of the largest terminal. This is the lowest level since 2018.

At the same time, last year's accumulations have already ended in UGS, and almost 2 billion cubic meters have been taken away from older reserves.

The jump in LNG imports led to the fact that on February 21, the selection from storage facilities fell from 100 million cubic meters to 45 million cubic meters per day. Thus, stocks are not declining so quickly, although even with the current selection, German companies will have to pump under 4 billion cubic meters in addition to next winter.

Perhaps this will affect gas prices, which are still stubbornly not growing and are in the region of $ 400. In Europe, LNG supplies are expected to increase even more. This year they plan to launch another powerful LNG terminal in the USA — Golden Pass.