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In fact, statistical data shows that the European market is balanced. This is confirmed by the results of trading sessions on the French and British stock exchanges.
1. Receipts. As of July 22, since the start of the year, the EU has received a total of 247.8 billion cubic meters (bcm) which is 2% or 5 bcm more than during the same period last year. And that's against the backdrop of a 40% drop in Russian gas supplies.
2. Consumption. It decreased by 22% to 235 bcm over the period in question. Further decrease in the volume of consumption (with the current regime of Russian gas supplies) will allow to increase the rate of accumulation of gas in the European storages.
3. Reserves. During June-July, the EU storage reserves increased by 2.8 bcm, which is 15% more than during the same period last year. This is a pretty encouraging result against the backdrop of gas withdrawals due to the need for generation and conditioning systems.
Let us check the facts and remain confident: the enemy will be defeated.