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LNG: Europe’s LNG Supply from US Heas Peaked: MET

LNG
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US LNG deliveries to Europe have probably already peaked because the continent is reducing its gas consumption, MET’s CEO Benjamin Lakatos told Argus.

  • "We do not expect Europe to consume more gas — it is going down," Lakatos said at Gastech.
  • He expects natural gas to play a transitional role in Europe for 10-15 years longer than expected and will remain important in the medium term.
  • The real debate in the market is whether LNG is a transitional fuel or a new booming economy.
  • MET is also unconcerned by the Biden administration’s freeze on new US LNG export licenses, despite having signed an initial 20-year-agreement for 1m mtpa of offtake from the 9.3m mtpa Commonwealth LNG.
  • LNG projects without a permit will have limited impact on Europe as incremental LNG supply will go to Asia.
  • Lakatos also sees no issues for supply in Europe this winter and assumed Russian gas transits via Ukraine will halt.
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US LNG deliveries to Europe have probably already peaked because the continent is reducing its gas consumption, MET’s CEO Benjamin Lakatos told Argus.

  • "We do not expect Europe to consume more gas — it is going down," Lakatos said at Gastech.
  • He expects natural gas to play a transitional role in Europe for 10-15 years longer than expected and will remain important in the medium term.
  • The real debate in the market is whether LNG is a transitional fuel or a new booming economy.
  • MET is also unconcerned by the Biden administration’s freeze on new US LNG export licenses, despite having signed an initial 20-year-agreement for 1m mtpa of offtake from the 9.3m mtpa Commonwealth LNG.
  • LNG projects without a permit will have limited impact on Europe as incremental LNG supply will go to Asia.
  • Lakatos also sees no issues for supply in Europe this winter and assumed Russian gas transits via Ukraine will halt.