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EU Gas Imports Dipped in First Week of 2024 Before Cold Weather


Total natural gas import supplies to Europe declined in the first week of the year ahead of the cold weather this week. Supplies fell below the previous five year range down at 5,637mcm compared to 6,111mcm the previous week according to Bruegel data.

  • The decline was driven by a drop in LNG, Algeria and UK supplies to offset an increase from Russia and Norway.
  • LNG imports fell from 2,463mcm in the last week of 2023 to 2,133 while supply from Norway increased above the previous five year range from 1,862 to 1,881.
  • Monthly data showed the EU LNG imports dipped from 12,203mcm in Nov to 11,169mcm in Dec. The US share of European LNG imports fell to 52.8% while volumes originated from Africa were 14.1%, Russian supply at 13.2% and Middle East increased to 14.5%.
  • LNG utilisation in the week was above the 2019-2021 average in most countries except for Spain and Portugal. Utilisation was 30% in Spain, 64% for Germany, 71% in Belgium, 79% in France, and 69% in the Netherlands.

Source: Bruegel

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