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.