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LNG: EU LNG Imports Set In Line with August but Well Below Sept 2023

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European LNG imports so far in September are close to last month but remain well below year ago levels, according to Bloomberg. 

  • LNG imports into Europe and Turkey dropped by 22% last week to 1.9bcm amid near capacity storage and low industrial demand, according to Montel citing preliminary Kpler data. Imports are set to decline by another 26% this week to less than 1.4bcm amid the return of Norwegian pipeline supplies from seasonal maintenance.
  • A total of 30 LNG cargoes have arrived into NW Europe in September 1- 22 with at least 3 more expected before the end of the month, according to Bloomberg ship tracking data. LNG imports into NW Europe totalled 34 in August and 52 arrived in September 2023.
  • The US remains the largest LNG supplier to Europe with 14 cargoes so far this month while Russia is second with 6 cargoes.
  • European LNG sendout was back down to 222mcm/d on Sept. 22, according to Bloomberg, from a recent high of 282mcm/d on Sept. 19.
  • Asia continues to be the premium market for US LNG until January 2025 with Feb on a par and Mar 2025 showing a small premium to Europe, according to BNEF. For November delivery, profitability of US LNG exports to Asia is $9.38/mmbtu and to Europe is $8.32/mmbtu.
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European LNG imports so far in September are close to last month but remain well below year ago levels, according to Bloomberg. 

  • LNG imports into Europe and Turkey dropped by 22% last week to 1.9bcm amid near capacity storage and low industrial demand, according to Montel citing preliminary Kpler data. Imports are set to decline by another 26% this week to less than 1.4bcm amid the return of Norwegian pipeline supplies from seasonal maintenance.
  • A total of 30 LNG cargoes have arrived into NW Europe in September 1- 22 with at least 3 more expected before the end of the month, according to Bloomberg ship tracking data. LNG imports into NW Europe totalled 34 in August and 52 arrived in September 2023.
  • The US remains the largest LNG supplier to Europe with 14 cargoes so far this month while Russia is second with 6 cargoes.
  • European LNG sendout was back down to 222mcm/d on Sept. 22, according to Bloomberg, from a recent high of 282mcm/d on Sept. 19.
  • Asia continues to be the premium market for US LNG until January 2025 with Feb on a par and Mar 2025 showing a small premium to Europe, according to BNEF. For November delivery, profitability of US LNG exports to Asia is $9.38/mmbtu and to Europe is $8.32/mmbtu.