European LNG imports reach new highs

To save your time, here is just a short brief. Actually, it will be enough to run through the graphs below so that you see how fast LNG suppliers have reacted to the recent changes in price environment.

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As recently as July 2021, European terminals received around 4.5 Mt of LNG, but amid a significant rise in gas hub prices over the summer period, imports amounted to more than 7 Mt in October 2021. And that was only the beginning

Amid narrow spreads between the JKM and TTF prompt contracts, a total of 8.6 Mt arrived at the European regasification facilities in December 2021. A shift from the TTF-JKM discount to premium further added to the attractiveness of Europe as a destination for cargoes, with the region’s LNG receipts reaching a record monthly high of approximately 12 Mt in January 2022, according to Kpler.

As a result, Europe’s LNG send-out has set a new all-time high. In mid-January, European regasification hit 450 mcm/d for the first time, while the average figure from 1 to 28 January exceeded the level of 400 mcm/d – more than any pipeline gas exporter supplied during the period.

This month, LNG has accounted for more than one-third of gas imports to Europe (excluding Turkey). A true milestone for the region indeed.

Source: Yakov Grabar (LinkedIn)