December 9, 2021

European LNG imports stage recovery

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European LNG imports reached 7 mt in November 2021, the second highest volume in the month across the past 5 years. The increase from July’s lows has come as a result of several factors:

  • Asian demand trending sideways. While remaining at 5 year highs, July to November actually saw a decline of 1%, against an increase in the same period last year of 17%
  • A seasonal decline in South American & Middle Eastern imports
  • Firm demand from Turkey amid soaring downstream gas demand
  • A seasonal increase in supply utilisation following the Northern hemisphere summer maintenance season.

The increase in supplies to Europe is timely, as European gas prices this winter top 100 EUR/MWh again.

European LNG imports stage recovery