With storage levels, hovering between 91-100% full, some sighs of relief are heard in NW European gas markets. The reality, however, is looking a bit bleaker, even with current high storage levels and Russian gas still entering European markets. Russian gas supplies will be hit when the EU puts in place its December 5 sanctions regime on Moscow’s oil and petroleum products, but also on the other side of the continent. France was hoping to sign the deal before the end of 2022, countering the loss of Russian gas supplies. With this agreement, Paris expected to increase its current Algerian gas imports by around 50%.

Source: The North Africa Journal November 23, 2022 00:13 UTC