Europe’s hefty natural gas storage and diminished natural gas demand has led to months of decline in LNG imports, but global competition still presents an upside price risk for winter in a tightening market. European LNG imports dropped from May to June after peaking at 9.50 million tons (Mt) in April. However, the month-on-month decline…
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EU, Japan Agree to Natural Gas Cooperation Amid Deep Structural Market Changes
The European Union (EU) and Japan, two of the world’s largest importers of natural gas, agreed this week to strengthen energy cooperation by establishing an EU-Japan energy security dialogue focused on global LNG flows. The partnership will work to improve global security of supply, transparency of markets and reduction of methane emissions in the liquefied…
European Natural Gas Prices Fall as Supply Outages Ease – LNG Recap
European natural gas prices fell again on Monday, picking up where they left off last week as the market is for now well supplied and storage inventories are on track to fill ahead of winter. The prompt Title Transfer Facility (TTF) fell by 10% Monday and settled below $10/MMBtu. The contract has lost steam after…
Shell Says ‘Seasonality’ Limited Second Quarter Natural Gas Trading – The Offtake
Shell plc expects its second quarter liquefaction volumes to range from 6.9 to 7.2 million tons (Mt). That’s compared to 7.2 Mt in the first quarter and 7.66 Mt in 2Q2022.
European Natural Gas Consumption Continues to Plummet
The European Union’s (EU) independent energy regulator reported the bloc’s natural gas consumption has continued to drop even as trade liquidity and imports from the United States are still on the rise. The EU’s gas consumption has dropped 20.3% year-to-date, according to the latest market report from the European Union Agency for the Cooperation of…
Buyers and Sellers Find Matches on European Union’s Joint Natural Gas Purchasing Platform
European Union (EU) natural gas buyers and sellers found a match under the new AggregateEU platform launched by the European Commission (EC) for joint gas purchases. The platform was created last year to help avoid the price hikes seen last summer in Europe and to reduce reliance on Russian pipeline imports. Out of the total…
EU Regulator Rolls Out LNG Benchmark to Improve Price Transparency
European Union regulators have delivered on the promise of a new LNG benchmark for the region in the hopes of increasing price transparency and deflating similar price surges that rocked markets last year. The European Union Agency for the Cooperation of Energy Regulators (ACER) reported its first liquefied natural gas benchmark price Friday. ACER has…
Russia Wants to Triple LNG Exports by Opening More of Its Natural Gas Fields
Russia aims to nearly triple LNG exports to 100 million metric tons/year (mmty) by 2030 by expanding the list of natural gas fields allowed to export the super-chilled fuel, Prime Minister Mikhail Mishustin said in a televised government meeting earlier this month. Draft amendments aimed at achieving that goal would “legally free up reserves for…
U.S. Petroleum Export Growth to Continue Long Term, EIA Says
The United States have burgeoned as a key energy supplier amid Russia’s war in Ukraine, with petroleum product exports doubling from 2010-2022, and the Energy Information Administration (EIA) is expecting this growth to continue. In the past year of a major global energy reshuffling, average U.S. petroleum product exports grew 7% to 5.97 million b/d…
Europe’s Reliance on Diverse Pool of LNG Sources Continues Year After Ukraine Invasion
A year after Russia’s invasion of Ukraine splintered the energy landscape in Europe, the region is continuing to diversify its natural gas supply, thanks in part to a wave of LNG imports. However, it still faces years of possible shortages as global export capacity remains tight. Since last February, liquefied natural gas imports have taken…