Russian gas inventories in UGS facilities reach 91.4%, Europe at 78.3% - Gazprom

MOSCOW. Aug 26 (Interfax) - Russian gas inventories in the country's underground gas storage (UGS) facilities have exceeded 91%, while the level of gas reserves in European UGS facilities is less than 80% at 78.3% as at August 24, Gazprom said in a statement.

"Preparation for being ready to weather the autumn-winter extremes is proceeding as per the standard, planned daily process. The volume of gas injected into UGS facilities in Russia was 91.4% as at August 24," Gazprom said.

Energy Minister Nikolai Shulginov on July 21 said that the injection level had reached 81%.

As previously reported, Russia's UGS facilities must be injected with inventories totaling 72.662 billion cubic meters of active gas for the 2022-2023 winter season, and storage capacity should reach a new high of 852.4 million cubic meters per day.

Gas stocks in the American market are currently around 64%. The United States is exporting gas actively due to attractive prices in Europe, and has less gas to inject into storage, so prices are rising there, too.

Europe has imposed tight regulations on the use of UGS facilities this year. Reserves are supposed to be at least 80% of the UGS facilities' capacity by the start of the 2022 offtake season and increase to 90% in subsequent years.