• Ian Barker

Major European countries are 25%-40% short on gas inventories vs seasonal norms.

While we've discussed the position on Europe being ~15% short in aggregate, it's also important to look at the underlying position to find the drivers.

The four countries which account for ~85% of the short fall are:

Ukraine -63TWh

Germany -58TWh

Netherlands -43TWh

Austria -35TWh

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