Where is Europe regasifying record LNG?
Large volumes of surplus LNG have supported record imports to Europe across 2019-20. Deliveries are focused on NW Europe (UK, FR, NL & BE) in order to access liquid hubs (e.g. TTF and NBP). The charts show regas terminal send out volumes for the UK (left hand) and France (right hand) which dominate NW European imports. UK regas volumes have historically been dominated by Qatargas deliveries into South Hook. But volumes across all 3 UK terminals have surged in 2019-20, particularly in winter periods when NBP typically trades at a premium to TTF. The right hand chart shows the surge in French terminal sendouts, with a somewhat less pronounced seasonal pattern than the UK. It is not a surprise that interest in buying regas capacity is also surging.