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Home/North West Europe Gas System Performance Report – August 2020

North West Europe Gas System Performance Report – August 2020

We are pleased to present Aurora’s latest North West European Gas System Performance Report.

Highlights of our August 2020 report include:

  • Gas prices: Average NW European gas prices in August averaged 7.49€/MWh, up 48% month-on-month. Decreased pipeline flows from Russia and reduced gas output from the North Sea put upward pressure on gas prices in North West Europe
  • Consumption: NW European Gas consumption in August increased by 26% year-on-year as cheaper gas prices, compared to the same period last year, incentivised gas consumption for power and industry, continuing to exceed the 5-year trailing maximum
  • Supply: Storage withdrawals rose by 0.5 bcm year-on-year in August at the expense of indigenous production and LNG. Pipeline flows remained roughly stable at 16 bcm across the same time period, but within the flows, a fall in Russian pipeline flow was partly offset by the increased supply from Norway
  • Indigenous production: GB production fell by 19% month-on-month and 10% year-on-year in August due to maintenances at Forties pipeline system and Flags. Dutch production also went down 6% month-on-month and 11% year-on-year in August in line with the strict regulations on Groningen operations
  • Pipeline imports: NW European pipeline imports increased by 4% year-on-year. Gas flows via the Polish route rose by 0.8 bcm across the same time period to offset decreased flows through Nord Stream and the Czech route. Despite a series of planned maintenances at Troll, Kårstø, Skarv and Åsgard, Norwegian flows rose by 0.7 bcm, prompted by a price recovery
  • LNG:LNG imports fell by 10% across North West Europe month-on-month in August due to a slowdown in injection demand. The Netherlands saw the biggest decline in utilisation rate, whilst GB and France saw an increase in utilisation rate by 23% and 14% respectively to compensate for decreased UKCS production in GB and reduced flows via Belgium to France
  • Storage: Net storage injections across North West Europe declined by 41% year-on-year due to higher storage withdrawals than normal to offset decreased indigenous production in North West Europe

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