Page 120 - RusRPTSept23

9.1.1d LNG news
Imports of liquefied natural gas into the EU fell to the lowest since autumn 2021. According to Bloomberg, Europe's liquefied natural gas imports slumped to their lowest level since Russia invaded Ukraine after a price drop reduced the region's appeal, reported Bloomberg. According to ship-tracking data compiled by Bloomberg, LNG deliveries fell 7% in July from a year earlier to 8.6mn tonnes, the least since November 2021. The drop coincides with a slide in the region's benchmark gas prices, which have slumped more than 80% during this period and left LNG traders opting to send deliveries to Asia or wait for rates to rise again. Europe’s LNG imports surged more than 60% in 2022 to make up for the loss of Russian pipeline gas deliveries after the invasion of Ukraine. The region currently has above-average stockpiles and is facing subdued demand, but may need to boost prices to attract shipments away from rivals in Asia as it prepares for winter.
Russia increased LNG supplies to China by 63 % in January-July In January-July 2023, Russia supplied China with 4.46mn tonnes of liquefied natural gas worth $2.98bn. Separately, in July 583.9 thousand tonnes of LNG from Russia for $312.4mn.
Supplies of liquefied natural gas (LNG) to the EU countries in early August 2023 decreased by an average of 15% compared to July. This follows from the data of the association of European storage operators Gas Infrastructure Europe (GIE), which analyzed Vedomosti.
From August 1 to August 6, gas supplies from LNG terminals to the EU gas transmission network amounted to about 1.8bn cubic metres. m, or 299.2mn cubic metres. m per day. This is the lowest average daily level since the end of March this year. Compared to the same period in 2022 (approximately 2.09bn cubic metres, or 348.9mn cubic metres per day), imports decreased by 14%.
In July, EU LNG imports amounted to approximately 10.95bn cubic metres. m against 11.72bn cubic metres. m in June. In daily terms, LNG supplies decreased by 10% to 353.1mn cubic metres. m, this is the minimum since March.
In April and May, LNG imports into the EU were at a record high. In May, deliveries reached 12.15bn cubic metres. m. But in June the situation changed. Due to the growth in demand for gas in Asia in May, the price there rose above the European one - the so-called Asian premium was formed (Vedomosti wrote about this on June 12). As a result, LNG supplies to Europe began to fall.
RUSSIA Country Report September 2023 www.intellinews.com