Wind generation in much of Northwest Europe is also set to increase, easing demand for gas, Hynes said. Non-local distribution zone gas demand in Northwest Europe, which consists of power stations and large industries, is forecast to drop from 2,206 gigawatt hours/day on Thursday to 1,692/GWh on Friday, LSEG data showed.
“The European market seems to be very comfortable with the current situation with looser storage targets and ample LNG supply, despite Norwegian maintenance ramping up,” LSEG analyst Saku Jussila said.