Winter is over, as the EU gas tanks switch from withdrawals to filling mode again in preparation for next winter. Injection into the gas tanks started on April 1, a week earlier than in 2023 and started at an all-time high record level of 59.3% full. (chart)

Russian gas pipe imports and gas for power into the EU is on a downward trend, falling by 9% in the first quarter this year vs the first quarter of last year, but given the warm weather as heatwaves are already affecting all of Europe, storage this year should fill fast.

Thanks to the low demand and high storage rates, European gas prices have fallen right back and are currently at multi-year lows.

While piped gas to Europe is trending down, overall gas imports to the EU are rising if LNG is included. The EU was buying half of Russia’s gas output in 2023 as LNG imports soared.

The share of Russian gas in European imports increased from 8.7% in 2022 to 15% in 2023, including LNG. The increase in the share of Russian gas is, to some extent, explained by discounts and the fact that it is quite easy to hide the origin of liquefied gas, Reuters reports.

The trade turnover between Russia and the EU dropped by 65.5% year on year in 2023 to €90bn, with exports of EU goods to Russia down by 30%, and EU imports to Russia down by 75%.

The EU has most sharply reduced buying hydrocarbons from Russia, with imports of oil and gas down by 80% in 2023. EU countries bought Russian oil, oil products and gas for more than €29bn in 2023, according to Eurostat statistics.