The US Has Increased LNG Supplies To Europe By 40%

The global liquefied natural gas market is entering an era of oversupply.

New LNG projects are coming on stream, supplies are growing, and prices are falling. In Europe, the price of gas has fallen to its lowest in a year and a half, thanks in part to a big increase in imports from the U.S.

U.S. LNG shipments to Europe will total about 10.7 million tons in November, Bloomberg reported, based on Kpler data on ship movements. That's up 40 percent from last November's 7.6 million tons. The same 7.6 million tons U.S. tankers brought in November 2023, when Washington announced sanctions against Arctic LNG 2, which was then preparing to start exporting soon.

U.S. LNG shipments to Europe have been rising steadily since the start of this year and in November topped 10 million tons for the first time. This has helped EU countries, which ended last heating season with low gas stocks, easily replenished them over the summer. Although EU storage is now 77% full (against a five-year average of 88%), average daily LNG imports over the past 30 days have totaled 243,000 tons, 50% above the five-year average.

As a result, the price of gas in Europe has fallen 45% from its February peak to 29 euros/MWh ($355 per 1,000 cubic meters) in trading on Friday. Warming forecasts and reports of a US peace plan to end the war in Ukraine also exerted downward pressure late last week and early this week.

You can support the website Charter97.org

MULTI-CURRENCY ACCOUNT FOR ASSISTANCE:

Bank's name: Bank Millennium S.A.
Address: ul. Stanislawa Zaryna, 2A, 02-593, Warszawa
IBAN: PL97116022020000000216711123
SWIFT: BIGBPLPW
Name of the account holder: Fundacja “KARTA ‘97”
Purpose/title of payment: Donation for statuary aims

You can contact us by the e-mail [email protected]