英文欧洲天然气观察周报（截至5月25日一周）

EUROPE | EnergyEquity ResearchMay 27, 2025 Giacomo Romeo *  | Equity Analyst44 (0) 20 7548 4727 | giacomo.romeo@jefferies.comLloyd Byrne ^  | Equity Analyst(212) 323-7528 | lloyd.byrne@jefferies.comKai Ye Loh, ACA, CFA *  | Equity Associate+44 (0)20 7029 8278 (office) | kloh@jefferies.comEuropean Gas Watch Weekly (w/e 25th May)In the w/e 25th May (week 21), NWE gas demand decreased by 12%(56mcm/d) y/y. Injection season to date (from week 14), demand was 7%(1.9bcm) lower y/y. Last week, the build was lower than normal for this timeof year (1.8bcm vs. 5-yr avg 2.5bcm); storage is now 46% filled (68% last yr).LNG send-outs were 5% lower y/y this week (-0.1bcm), marking the first y/y decline since the start of injection season; overall season send-outs was19% higher y/y (2.3bcm).Excel data is available on request.Storage. In the week ending 25th May (week 21), AGSI reports that EU gas storage increasedby 1.8bcm (3.6% w/w), lower than the 5-year average build for this time of year (2.5bcm)