June 30, 2022 09:26 GMT
Above normal European imports of LNG continue as members try to continue injections into storage ahead of the winter, despite the ongoing supply curtailment from Russia.
- LNG imports to NW Europe are well above the 5-year range and currently showing at 169mcm/d compared to the average of 62.5mcm/d. Europe is currently missing about 100mcm/d from pipeline flows through Nord Stream and 60mcm/d through Sokhranivka in Ukraine.
- Higher TTF prices are driving gas spreads wider and therefore continue to encourage the strong LNG flows with the JKM-TTF spread the widest since 17th June at -7.5$/mmbtu. The US LNG netback to Europe for August is estimated at 35.1$/mmbtu and to Asia is 28.49$/mmbtu.
- European storage is up to 57.61% full with Germany up to 60.9%, Italy at 58.01%, France at 61.67% and Netherlands at 52.33%.
- The graph below shows the breakdown of pipeline flows from Russia to Europe.