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EU Winter Gas Supply to Fall YoY

NATURAL GAS

Gas supply to Europe during winter 2023-2024 is forecast to decline by 3% on the year to 842mcm/d due to sluggish demand according to BNEF.

  • Norwegian pipeline gas flows are estimated at 309mcm/d, up by 2mcm/d winter on winter. LNG import levels this winter are expected to average 300mcm/d, down by 10mcm/d from last winter.
  • BNEF expects Norwegian gas pipeline flows to Europe this summer to rise by 29mcm/d year on year to 265mcm/d.
  • LNG flows to Europe in summer are expected to reach 281mcm/d, up by 24mcm/d from last summer, supported by the ongoing expansion of existing LNG terminals in Germany and Belgium in 2Q 2024 and the new FSRU in Italy expected for 3Q 2024.

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