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Europe To Pull 76% Of Flexible LNG Cargoes This Summer

LNG

Europe is likely to pull 76% of all flexible LNG cargoes this summer in order to meet storage injection targets ahead of the 2023/24 winter season, as anticipated higher demand from China is expected to be offset by lower demand from Japan and South Korea according to BNEF.

  • China’s economic recovery will be the key factor driving spot LNG flows and benchmark gas and LNG prices this summer.
  • High LNG imports and gas demand destruction could help Europe to refill storages without much reliance on Russian supplies.
  • Expected lower LNG demand from South Korea and Japan, amid higher nuclear generation, will be enough to offset rising demand from China and leave sufficient LNG cargoes for northwestern Europe this summer.
  • A hot Asian summer could increase LNG demand and take away 2mn tons of LNG from Europe.
  • Global LNG demand this summer is expected at 191mn tons, compared with 189mn tons in summer last year. Northwest European, incl Italy, demand is expected to rise by 1.3mn tons year on year.
  • Chinese demand is expected to pick up by 5.3mn tons year on year this summer.
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