BAKU, Azerbaijan, July 19. Europe's LNG imports fell by nearly 20% (just over 17 billion cubic meters) year-on-year in the first half of 2024, said the International Energy Agency (IEA) in its latest outlook, Trend reports.
The decline in demand, coupled with high inventory levels and increased piped gas deliveries, kept European hub prices below Asian spot LNG prices during this period.
In the first half of the year, Platts JKM averaged almost USD 1 per MMBtu higher than TTF, prompting flexible LNG cargoes to be directed toward Asia rather than Europe. As a result, the share of LNG in Europe's total primary gas supply decreased from 39% in H1 2023 to 33% in H1 2024. Despite this decline, LNG remained Europe’s primary source of gas and continued to serve as a key baseload.
LNG imports from the United States saw a smaller decline, down by 15% year-on-year, reinforcing its position as Europe’s largest LNG supplier. The U.S. accounted for nearly half of Europe’s LNG imports in the first half of 2024.
In contrast, Russian LNG inflows increased by 9% year-on-year but remain highly concentrated. Belgium, France, and Spain together received more than 85% of Europe’s total LNG imports from Russia in the first half of 2024.