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NATURAL GAS
Total natural gas import supplies to have fallen since a high in week 2 of 2024 amid warm weather across Europe driving muted demand according to Bruegel data.
- The decline has primarily been driven by a drop in LNG supply. Overall imports fell back to the lowest weekly level so far this year to 5,579mcm in week 6 (to Feb. 11) from 6,323mcm in week 2.
- LNG imports fell below levels seen in 2022 and 2023 from a high of 2,789mcm to 2,173mcm but remains above the 2015-2021 range. Supplies to Norway and Algeria also dipped on the week while Azerbaijan flows edged higher. Russian and UK supply was unchanged on the week.
- Monthly data showed the EU LNG imports dipped from 11,169mcm in Dec to 10,452mcm in Jan. The US share of European LNG imports rose to 55.2% and Russian supply rose to 19.7% while Africa and Middle East imports fell.
- LNG utilisation was above the 2019-2021 average in week 6 in most countries except for Poland and Portugal. Utilisation in Spain was down to 31% in Spain, Germany to 39%, Belgium to 31%, France to 50% and the Netherlands to 62%. Unitisation in Croatia was up to 94% in the week.
Source: Bruegel
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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