"Generates A Number Of Risks": UBS Warns German NatGas Storage Levels Alarmingly Below Seasonal Norms

"Generates A Number Of Risks": UBS Warns German NatGas Storage Levels Alarmingly Below Seasonal Norms Following up on our "Winter Is Coming: Europe Faces Twin Diesel And NatGas Crunch" note earlier this month, which focused on Europe as a whole, UBS analysts focused on Germany's natural gas inventories Monday morning and warned that levels are alarmingly low for this time of year, raising the risk of elevated prices and a renewed supply crunch if the Northern Hemisphere experiences a severe winter. Simon Penn, a London-based UBS macro strategist, wrote earlier today that Germany's NatGas storage is just 48% full, compared with 65% a year ago and 75% during the 2022 energy crisis.  We would go a step further: inventories...

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