Thursday, May 26, 2022

Russia to hit full capacity for natural gas storage this summer with virtually no market left in Europe and no pipelines to Asia, forcing it to shut down wells

 So says George Soros, and this guy, here:

Leon Izbicki, an associate at Energy Aspects, agrees that Russia’s gas storage is close to being full.

“Russia went into last winter with record high stocks of around 72.6 billion cubic meters and aims for an even higher underground storage target for winter 2022 of 72.7 billion cubic meters,” Izbicki added via email. “While we do not have visibility on Russian underground storage, it seems plausible that Russia could reach this target this summer already.”

He added that that Russia lacks flexibility in its gas storage and does not have the means to divert gas from Europe to, for example, Asia due to a lack of pipeline infrastructure.