Oops!…I did it again: US LNG flows takes over Russian piped gas in EU gas imports for second month in a row.
Russia’s pipeline deliveries are set to drop to just 3.5 bcm in July amidst the steep supply cuts via Nord Stream.
This will be their lowest monthly level since at least two decades, and just about one-third of last year’s exports.
Flexible US LNG plays a critical role in mitigating the impact of reduced Russian flows, although alone it would not be sufficient to fully offset the overall drop.
In fact, US LNG flows slightly decreased to the EU, as overall US LNG production slightly declined amidst the non-availability of Freeport and some other, smaller outages.
What is your view? Will US LNG keep above Russian piped gas for the rest of the year?
Source: Greg MOLNAR
