Europe bought a record amount of LNG in January

Europe at the end of January bought a record volume of liquefied natural gas – LNG, Kommersant reports, citing data from the European Union GIE.

The average daily volume of gas supplied to the European Union’s gas transmission network from LNG terminals was 334 million cubic metres. The previous record was set in November 2019 – 329 million cubic meters.

In total, according to the January results, 10.36 billion cubic meters of regasified LNG can enter the European Union. A month ago, in December 2021, LNG supplies amounted to 7.3 billion cubic meters.

The paper explains the records by the fact that spot gas prices in Europe were higher than in Asia for most of January, so it was profitable for suppliers of LNG from the Atlantic basin to organize supplies for European consumers.
Also, the Europeans were more interested in LNG than in pipelines, since in most contracts the supply is at monthly prices in advance. which was unprofitable in January.

According to Kommersant’s estimates, Gazprom’s shipments to the European Union in January decreased to 233 million cubic meters per day.

 

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