Europe nears gas storage target early despite Russian supply cut – Bloomberg
|The market’s cautious optimism gained additional strength from Bloomberg’s latest news surrounding the Eurozone’s ability to battle the energy crisis during Tuesday’s Asian session.
“The European Union is set to meet its gas storage filling goal two months ahead of target as the bloc braces for a tough winter with Russia limiting supplies and soaring energy prices raging through the continent,” mentioned Bloomberg.
Key quotes
Reserves in the EU were filled up to 79.4% as of Aug. 27 compared with the target of 80% by Nov. 1, according to Gas Infrastructure Europe inventory data.
The EU bolstered its storage rules earlier this year after levels last winter turned out lower than in past years, particularly in German sites controlled by Russian exporter Gazprom PJSC, a factor that added to sharp increases in energy prices.
With bigger reserves, European nations are slightly better placed to face a further supply cut as Gazprom starts unexpected maintenance on the Nord Stream pipeline on Wednesday.
European natural gas prices on Monday plunged the most since March after Germany said its gas stores are filling up faster than planned.
EUR/USD extends recovery
EUR/USD picks up bids to extend the previous day’s corrective pullback from the weekly low to 1.0010 by the press time.
Also read: EUR/USD struggles around parity amid hawkish ECB/Fed speakers, German inflation eyed
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.