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High LNG Imports Cover Some of Missing Pipeline Supply

LNG

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.
Source: Bloomberg
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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.
Source: Bloomberg