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EU LNG Imports Fall Amid Muted Demand and Rising Supply to Asia


LNG imports into Europe and Turkey last week fell 40% w/w to the lowest since Oct 2021 to almost 1.8bcm according to preliminary Kpler data amid subdued European demand and strong Asian, Montel said.

  • European LNG sendout fell to the lowest since early October at 264mcm/d on Mar. 26 compared to an average throughout March of 330mcm/d according to Bloomberg.
  • LNG arrivals are expected to recover this week to 2.6bcm, according to Kpler.
  • Imports in March fell to the lowest in six months to 11.3bcm amid mild weather, high storage levels and robust Norwegian pipeline flows.
  • Asian demand remained robust amid restocking, particularly in China and Japan according Energy Aspects. Imports to the region rose 27% last week, according to Kpler.
  • US LNG exports fell slightly to 7.61m mt in March from 7.73m mt in February as production was constrained by train outages at Freeport. Europe remained the main destination for LNG supplies taking about 57% but down from 60.5% in February according to LSEG data. US supplies to Asia increased to 33% or 2.54mt from 25% in Feb and just a 17% share in Jan.
  • US LNG exports are still slightly more profitable to Asia over Europe throughout the summer period according to Spark Commodities.

Source: MNI / Bloomberg

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