From S&P Global Platts, "Commodity Tracker: 5 charts to watch this week":
....4: European gas storage surplus to be absorbed as injections slow
What’s happening? Key to the European gas supply-demand balance in the coming month is the rate of storage injections given the already high level of fullness across the continent. EU stocks are currently more than 80% full, leaving only limited space for injection with three months of the traditional injection season left. However, injection rates have slowed significantly over recent weeks, giving some respite to a market that had been under significant price pressure.
What’s next? If injection continues at current rates, there is an expectation that the current surplus of storage over last year’s level could be absorbed by August. Lower injection rates come as European gas prices have risen from their mid-May lows, making the seasonal storage play less attractive. Ukraine also remains an option for traders looking to find a storage home for their gas, despite planned maintenance on a pipeline from Slovakia potentially making it more difficult for traders to flow gas to Ukraine to make the most of the country’s cheap storage and vast spare capacity....
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HT: ZH
