Gas and liquified natural gas (LNG) supply and demand is relatively balanced across the regional markets, as Europe continues to import robust volumes of LNG, according to independent consultancy Rystad Energy.
“As summer injection season arrives, Europe is in a safe position with healthy storage levels approaching the top of the five-year average range,” commented senior analyst Nikoline Bromander.
She recalled that prices are holding steady at the low level of 12.92 US dollars per million British thermal units (MMBtu) on the Netherlands-based Title Transfer Facility (TTF) on 25 April, a weekly decrease of 6 per cent, while storage facilities are currently 57.9 per cent full at roughly 65.92 billion cubic metres (ccm).
“Gross LNG imports into Europe reached 3.35 million tonnes (Mt), with major buyers including Spain, France and the UK,” she added, mentioning the first LNG shipment imported by Bulgaria via Turkey and the LNG Tanker Malanje which arrived in Germany`s Wilhelmshaven.
She also underlined that the US remains Europe’s major LNG exporter, while Russia, the third biggest supplier, continues to deliver robust volumes.
“It has been reported that some buyers, such as Germany’s new FSRUs, will avoid Russian LNG deliveries going forward, as the country will reduce dependence on Russia,” Ms Bromander continued. “February 2023 was a record month for Russian LNG volumes delivered into Europe – 1.61 Mt LNG, equivalent to a 17 per cent share of the total volume of LNG. Currently, Russian LNG exports to Europe are not prohibited under EU sanctions, but individual buyers may avoid purchases at their own initiatives.”