Noticeable shifts in the destination of LNG sales
European Gas Hub » LNG
by Editor
2d ago
With LNG demand rising in Asia and falling in Europe, there have been some noticeable shifts in the destination of LNG sales. The US remained the largest LNG exporter, with a total of 35.41 million tonnes (mt) sold internationally from January to May. This was down 0.2% year on year from 35.48 mt shipped over the same period in 2023. Australia followed with 33.79 mt in 2024, up 1.3% year on year from 33.37 mt. Qatar came third with 32.65 mt in January-May 2024, down 0.3% drop from 32.74 mt in 2023. U.S. LNG exports to Asia rose by around 41% year on year to 9.7 mt over the first five months o ..read more
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Qatar’s role in LNG supply to Europe
European Gas Hub » LNG
by Editor
1w ago
LNG now accounts for 40% of the European Union’s gas imports from alternative sources and suppliers. Last year Qatar remained Europe’s second largest LNG suppliers. The country supplied 14%. In 2023, Qatar exported 79.8 million tonnes of LNG, of which 15.1 million tonnes (19%) were delivered to Europe, almost exclusively via the Suez Canal. Over the 60 weeks from the week beginning January 2, 2023, to the week beginning February 19, 2024, Qatari LNG exports range between 1.19 and 1.82 million tonnes, with an average of 1.54 million tonnes, which can be considered a “normal” level of Qatari LNG ..read more
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Egypt’s LNG supplies drop the most in Jan-Feb, as Government considers LNG imports
European Gas Hub » LNG
by Editor
2M ago
In the first two months of 2024, Egypt’s LNG exports fell by a significant 62% to 0.54 mt, marking a noteworthy decrease (-0.67 mt) compared to the previous year. Egypt recorded the biggest year-on-year drop in terms of absolute changes in global LNG exports. This trend is not surprising: Egypt’s ability to export LNG has been curtailed by domestic gas production issues over the past years. Gas production has been decreasing since mid-2021, primarily due to unexpected water breakthrough issues at the giant  Zohr gas field, which started operations in 2017 and formed the cornerstone of the ..read more
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European gas: is the problem solved?
European Gas Hub » LNG
by Editor
2M ago
Mild weather, ample natural gas imports and healthy gas stockpiles kept European gas prices in check in March.  The EU did exit the winter with gas storage at record levels: 3% higher than the previous month and 21% higher than the average of the past three years.  Prices were low enough in Europe to the extent that LNG cargoes were diverted to Asia where spot prices fetched a dollar higher than the spot price in Europe. Gas shipments from the Russian energy giant Gazprom to Europe (EU and Ukraine) increased by 11.9% month-on-month in March and jumped 25.8% year-on-year. Gazprom ship ..read more
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The future of Russian gas in Europe
European Gas Hub » LNG
by Editor
3M ago
The European Union has committed to phasing out all imports of fossil fuels from Russia by 2027. While sanctions have not been imposed on natural gas as they have been on oil and coal, the EU’s dependence on Russia has already been significantly reduced. In 2023, deliveries of Russian pipeline gas to the EU had decreased by 80% since 2021, although partially offset by a temporary increase in LNG imports from Yamal. Consequently, the share of European imports from Russian gas dropped from over 40% in the years preceding the invasion to 14% in 2023. Pipeline exports to the European Union collaps ..read more
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Will the LNG wave impact Asian energy markets?
European Gas Hub » LNG
by Editor
3M ago
Global LNG supply is set to expand by almost 50% (or 250 bcm/y) by 2030, driven by Qatar and the US. but will it find a home? With European gas demand entering into structural decline and Japan firing back its nuclear power plants, all eyes turn on China, India and other fast growing Asian markets. To put things into perspective: all the new LNG supply by 2030 accounts for less than 10% of Asia’s current coal consumption, a drop in the ocean, with plenty place for coal-to-gas switching. Whether all this new LNG will find a home will depend on a number of factors: (1) The pace of renewables exp ..read more
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European gas prices fall to pre-crisis levels
European Gas Hub » LNG
by Editor
3M ago
Unseasonably mild weather continued to drive down gas prices in Feb24, with North American hubs reaching multi-decade lows and European gas prices falling to pre-crisis levels. In the US, Henry Hub prices averaged at $1.7/mmbtu -their lowest February level since 1995, or almost 30 years. mild weather conditions drove down rescom demand, which dropped by around 15% yoy, while continued strong production and high inventory levels (25% above 5y average) put further downward pressure on prices. In Canada, AECO fell to $1.35/mmbtu -the lowest gas price on the globe for the moment (and its lowest Fe ..read more
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European Commission recommends gas saving measures to secure supplies and stabilise markets
European Gas Hub » LNG
by Editor
3M ago
Gas saving measures by businesses and citizens across the EU have made an important contribution to tackling the energy crisis, spurred by Russia’s invasion of Ukraine two years ago. Collectively, the EU reduced gas demand by 18% between August 2022 and December 2023, saving around 101 billion cubic metres of gas. These efforts go above and beyond the 15% savings target which was agreed under emergency legislation adopted in Summer 2022, and were essential to preserve stable supplies, stabilise energy markets in the EU, and show solidarity with Ukraine. With the emergency legislation due to ex ..read more
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European gas demand falls to 10-year low as peak LNG demand nears
European Gas Hub » LNG
by Editor
4M ago
European gas demand in 2023 fell to its lowest level in 10 years as countries scale up efficiency measures and renewables deployment. In the two years since Russia’s full-scale invasion of Ukraine, gas demand has declined by 20% across the continent. The latest version of IEEFA’s European LNG Tracker reveals that falling gas demand has been driven mainly by Germany, Italy and the UK. The continent’s LNG consumption is forecasted to peak in 2025 as a result. With markets rapidly curbing their reliance on Russian gas in the wake of the invasion, IEEFA had forecasted that imports of LNG would ris ..read more
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European LNG prices just keep falling, but JKM holds
European Gas Hub » LNG
by Editor
4M ago
European LNG prices have plummeted to a near nine-month low below USD 7/MMbtu – tracking sinking European hub prices amid healthy supply and mild weather. The landing price for front-month delivery of LNG delivered ex-ship (or DES) to northwestern Europe was assessed late on Monday at USD 6.97/MMbtu (EUR 22.07/MWh), USD 0.33 lower from Friday’s settlement. It was also the lowest since 1 June 2023, when it hit USD 6.63/MMbtu, according to data from Spark Commodities. Prices were shadowing the benchmark front-month gas contract on the Dutch TTF hub, which sank to an eight-month low of EUR 23.55 ..read more
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