Research Briefing | Jun 28, 2024

Global: The EU’s imports of LNG continue to decline

The latest trade data shows the EU’s imports of LNG from its six largest providers declined by 50% between January and April compared to the same period last year. Europe’s gas market is in a strong position with record high levels of gas in storage and a structural decline in demand.

What you will learn:

  • Russia has dropped to being the third-largest provider of LNG to the EU in 2024, and flows could fall further as fresh EU sanctions aim to ban the re-exporting of LNG to third parties.
  • Over the medium term we expect the value of LNG imports from the US to rise as the US ramps up its LNG export capacity to target the European market. Some of these US cargoes may end up in Asia as Europe’s LNG demand may fall further.
  • An immediate risk for Europe is the expiration of an agreement to pipe Russian gas to Europe through Ukraine. Currently, neither side is willing to renew the agreement and much speculation remains around where these alternative supplies will come from.
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