GAS | LNG

2 Lesezeit

LNG Weekly – EU imports jump 17% to near 6.5-month high

(Montel) LNG imports into Europe and Turkey jumped more than 17% last week from the previous one to hover around the highest in six months, Kpler ship-tracking data showed on Monday.

Deliveries last week totalled 3.6bcm, bringing November arrivals to 14.5bcm, the highest since May, albeit down 8% from the same month last year.

LNG flows are set to increase further this week to 3.7bcm, although the volumes, timing, and final destinations are likely to change, according to the data.

Europe's imports of LNG come amid high levels of gas held in storage and strong pipeline flows, as the region continues to find alternatives to Russian gas.

Pipeline flows from Norway remain strong and were last seen at nearly 355mcm/day, while underground storage was last seen 94% full.

LNG stocks were unchanged week on week at 66% full, according to Gas Infrastructure Europe. Meanwhile, the number of vessels waiting around Europe for at least five days has fallen to one from four a week ago.

A recent cold snap in northern parts of Europe has buoyed the demand for gas for heating, although the latest forecasts show milder conditions in December.

“Despite recent icy temperatures, December is expected to be warmer than normal, tempering heating demand,” said analysts at ANZ bank.

Flagging prices
Last week, European LNG prices tracked the benchmark TTF natural gas prices to hit a seven-week low of USD 12.27/MMBtu on Wednesday. They clawed back somewhat to finish the week at USD 13.05/MMbtu.  

Asian prices also retreated last week, thanks to high stocks and relatively mild weather in northern parts of the region.

Nevertheless, analysts reckoned European prices should remain attractive for LNG suppliers even though the arbitrage between JKM and TTF broadly favours Asia, with freight and distance taken into account, for the remainder of winter.

European LNG imports
Countries:Previous weekNovember
Belgium0.291.36
Croatia0.000.19
Finland0.000.14
France0.793.47
Germany0.190.47
Greece0.100.09
Italy0.251.39
Lithuania0.000.21
Malta0.000.10
Netherlands0.571.77
Poland0.100.51
Portugal0.080.27
Spain0.412.19
Turkey0.470.84
UK0.371.53
Total3.6214.52

*Previous completed vessel arrivals, including discharge, according to Montel calculations based on Kpler estimates

European LNG storage levels (GIE)
CountryLatest    (% of capacity)Previous week
Belgium5442
Croatia5493
France5857
Germany6941
Greece9797
Italy2826
Lithuania7031
Netherlands8177
Poland2538
Portugal4981
Spain7883
EU combined6666