United States Remained Largest Liquefied Pure Fuel Provider to Europe in 2023

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The USA was once more the biggest provider of liquefied pure fuel (LNG) to Europe (EU-27 and the UK) in 2023, accounting for almost half of complete LNG imports, based on information from CEDIGAZ. Final yr marks the third consecutive yr by which the USA equipped extra LNG to Europe than every other nation: 27%, or 2.4 billion cubic ft per day (Bcf/d), of complete European LNG imports in 2021; 44% (6.5 Bcf/d) in 2022; and 48% (7.1 Bcf/d) in 2023.

Qatar and Russia remained the second- and third-largest LNG suppliers to Europe final yr. Qatar equipped 14% (2.0 Bcf/d), and Russia equipped 13% (1.8 Bcf/d). Mixed, the USA, Qatar, and Russia equipped three-quarters of Europe’s LNG imports in 2022 and 2023.

Europe’s LNG import, or regasification, capability is on monitor to develop to 29.3 Bcf/d in 2024, a rise of greater than one-third in contrast with 2021, based on information from the Worldwide Group of Liquefied Pure Fuel Importers (GIIGNL) and commerce press. Russia’s full-scale invasion of Ukraine in February 2022 prompted European nations to halt most imports of pure fuel from Russia through pipeline and reactivate improvement of beforehand dormant regasification tasks in addition to develop new tasks. Germany is including essentially the most LNG regasification capability in Europe: builders added 1.8 Bcf/d in 2023 and plan so as to add 1.6 Bcf/d in 2024. In 2022 and 2023, the Netherlands, Spain, Italy, Finland, and France elevated their regasification capability by a mixed 3.2 Bcf/d. In 2024, we count on Belgium, Greece, Poland, the Netherlands, and Cyprus so as to add a mixed 1.8 Bcf/d of recent capability.

In 2023, Europe’s LNG imports averaged 14.7 Bcf/d, primarily unchanged from 2022, regardless of an estimated 4.2 Bcf/d of regasification capability additions. Delicate 2022–23 winter climate within the Northern Hemisphere diminished heating demand and contributed to Europe ending the winter heating season with record-high pure fuel in storage. LNG imports into Europe established new data from June 2022 via April 2023, when imports peaked at 18.1 Bcf/d. Imports then declined in subsequent months as a result of storage inventories have been full, worldwide LNG costs have been comparatively excessive, and vitality conservation measures considerably diminished pure fuel consumption.

In 2023, France, Spain, the Netherlands, and the UK mixed accounted for nearly two-thirds (9.3 Bcf/d) of Europe’s complete LNG imports. Germany imported its first LNG in January 2023 and ended the yr accounting for 4% (0.6 Bcf/d) of Europe’s complete imports. The USA equipped greater than 80% of Germany’s LNG imports.

Pure fuel costs on the Title Switch Facility (TTF) within the Netherlands—a big pure fuel buying and selling hub in Europe—began to extend within the second half of 2021, and by 2022, averaged $40.30 per million British thermal items (MMBtu) yearly. TTF costs reached almost $100.00/MMBtu in August 2022, considerably larger than the 2019–20 common of $3.86/MMBtu amid issues over pure fuel provides for the winter given the uncertainty over the way forward for piped pure fuel from Russia. In January 2023, nonetheless, TTF costs started to say no from a month-to-month common of $20.43/MMBtu to $10.06/MMBtu by Might as pure fuel balances in Europe continued to enhance. From June 2023 via the tip of the yr, TTF costs averaged $11.89/MMBtu, falling under LNG costs in East Asia.

Principal contributor: Victoria Zaretskaya

Courtesy of U.S. EIA.