Posted on 08/31/2022 1:16:54 PM PDT by SpeedyInTexas
European natural gas inventories rose by +87 BCF over past 7 days.
EU nat gas storage 81% full.
Current inventories at 3084 BCF.
21.2% higher than 1 year ago.
EU goal is at least 80% full by Nov 1st for winter.
Current projection is for EU to reach 91% by Nov 1st.
(Excerpt) Read more at celsiusenergy.net ...
EU projection is 91% full by Nov 1st. 91% is Celsius’ projection.
Does seem to me that could be significantly higher if we extrapolate.
Summer will be ending which should reduce energy consumption.
Must we assume that this is the Russian-supplied gas and that it is stored in gaseous form in steel vessels? If it was liquefied , who did the treatment and liquefaction? Are there re-gasification facilities? Has it been considered to store the gas/LNG by injecting in underground facilities to increase storage capacity? I am no geologist but I have worked on the design of gas reinjection for well pressure maintenance. There are many water-flooded mines that could be made available for gas storage. Europe is in deep shit and it requires deep-shit design solutions to solve their storage problems. Zum wohl.
I poked around o the website to see where he got those numbers, but couldn’t find it…
So no reason to confidently think they are true…
starts at 1:16
...And a lot of mainstream media outlets ran this article, and they said that German gas storage facilities were slightly more than 75 percent full last Friday - a couple of weeks ahead of target.
Data from European operators group GIE showed on Sunday that Germany has 23.3 billion cubic meters bcm of underground gas storage, a little more than a fifth of the 100 bcm of gas used in 2021.
Remember that line that I just read to you.
Germany has 23.3 billion cubic meters of underground gas storage - a little more than a fifth of the 100 bcm of gas used in 2021.
The Recten storage unit, which holds four bcm, was at 54 percent full, the GIE data showed.
Germany is a phase two of a three-stage emergency plan formulated after a reduction in the gas flows from Russia, its main supplier.
That causes serious headaches for the German industry, which accounts for a quarter of the country's gas demand.
Now I'm going to read you a statement - actually I believe it's a newsletter - that is sent out from economist/investment banker/commentator/analyst economic analyst Jim Rickards.
And this was actually sent to me by a viewer who receives his newsletter, and this is a comment from Jim Rickards with regards to this Reuters and Bloomberg headline.
Let me read you what Jim Rickards said in this financial newsletter that he sends to subscribers and I quote:
The article says that German gas storage capacity is 23.3 billion cubic meters, which is about 20 percent of the actual 100 billion cubic meters of gas that Germany used in 2021.
In other words the 75 percent storage target is 75 percent of 20 percent of the gas used or 15 percent of the gas needed.
That leaves an 85 percent shortfall relative to requirements, which can only be satisfied by continued supplies from Russia - but Putin has already reduced supplies to only 20 percent of capacity, and may cut them further in the coming months.
But when the best they can do - at least for now - is 15 percent of what's needed, and the balance is very much in doubt, for obvious political reasons related to the war in the Ukraine.
Then it's clear that Germany is still headed for a crisis despite their best efforts.
75 percent storage target is 75 percent of the 20 percent of the gas that was actually used in 2021 or 15 percent of the gas needed and that leaves an 85 percent shortfall relative to the requirements of the 100 bcm according to 2021 - according to the gas needs of 2021.
So I just thought I would throw that out there.
Because if Jim Rickards is correct - and I believe he is correct - because if you go by the Bloomberg or Reuters article, it says that Germany has 23.3 billion cubic meters of underground gas storage - a little more than a fifth of the 100 bcm of gas that was used in 2021 - so it's crystal clear that the headline is very - I think it's misleading.
Headline: "Germany reaches 75 percent of gas stocks target ahead of schedule"
That's the analysis - that's the the way Jim Rickards sees things - sounds pretty spot-on to me.
Let me know in the comments down below.
see my post #8 for a more clear picture.
“1 bcm is equal to 35.3147 billion cubic feet (bcf),”
Thanks for posting.
I’d still like knowing the source of the data.
I would’ve believed it automatically a few years ago.
Now, trust but verify.
Germany alone used 3500 BCF in the winter of 2021.
"Here's a percentage & a cool percentage graph - but we're not going to explain it!"
"European"? What is that? Does it include Britain?
Who DOES it include?
“Dear decarbonization leaders, … That’s simply essential if we want to deliver climate and social objectives in the most sustainable and efficient way...”
Sounds like a liberal [read untrustworthy and fully capable of lying to advance their causes] source.
Has Germany calculated seepage from storage facilities and recovery loss? IOW for every cubic meter of stored gas, don’t expect a cubic meter of recovered gas. There will be storage losses. I hope Germany has considered all that prior to injecting the gas in underground storage. Losses may be substantial and may be a point of concern for environmental reasons, also. All those who laughed at Trump may have frowns on their faces. Arme Leute.
Thanks for this. I’m new to Alex Christoforou, but he sounds on target. The cluster in Germany, and the EU, is unprecedented, but they are getting what they deserve. Popcorn, please.
Numbers look good to me. My estimate has been 2 months of storage for AVERAGE monthly usage, which means closer to 1 month in the winter - if no incoming gas. The question will be how much gas will flow into Europe during the winter...could be fun to watch!
By the way, I’ll ask you my question again: How many daily hot showers can ONE typical sized nuclear reactor provide for smelly Germans?
As Alex would say:
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