Ukraine Becomes Unlikely Beneficiary of Natural Gas Glut
- Analysts forecast shortage of storage space on the continent
- Gas prices are near record lows after mild winters, pandemic
Pressure gauges sit on gas pipes at an underground gas storage facility in Lviv, Ukraine.
Photographer: Vincent Mundy/Bloomberg
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European natural gas traders are storing more gas than ever in Ukraine as sites closer to home are rapidly filling up.
Storage sites on the continent, ranging from old salt caverns to huge overground tanks, are fuller-than-normal after two mild winters and the plunge in demand caused by the pandemic. The unprecedented glut means prices are languishing near record lows.