Norway has beaten off the excitement around LNG from Europe

LNG imports to the European Union in August sank even lower than in July. In two months, the supply of liquefied gas decreased by more than a quarter — to the lowest level in almost a year. After unstable supplies in May-July, Norway provides maximum gas for export.

According to GIE, in the first 10 days of August, LNG imports to the EU decreased even more. Average deliveries amounted to 297 million cubic meters per day. Whereas in July they were at the level of 358 million cubic meters, and in June — at 404 million cubic meters. LNG imports decreased by more than 26% in two months.

Current shipments are the lowest since last September, GIE data says.

Against this background, gas injection into European storage facilities remains at a high level, around 430 million cubic meters per day, UGS is 72% full, and the price on the TTF exchange remains around $ 400 per thousand cubic meters.

Obviously, the decrease in LNG imports is due to the stable operation of green generation and, most importantly, the maximum export of gas from Norway. If in May-June, due to planned and unplanned repairs at the country's fields and processing plants, supplies dropped to 159 million cubic meters per day, then since July 26, they have been stable, except for one day, at a level above 330 million cubic meters.

Algeria also added a little with supplies. And Gazprom's exports remain stable. In August, it is slightly more than 47 million cubic meters per day. This is higher than last year.

"August is the traditional time for repairs at LNG infrastructure facilities (both at factories and terminals). And in Asia's current demand for LNG is higher, as Europe sends a significant part of its imports to UGS facilities before the next heating season," says Alexey Grivach, Deputy Director of the National Oil and Gas Company.