BAKU, Azerbaijan, October 16. European LNG imports reached a low of around 8 billion cubic meters (Bcm) per month through July, August, and September 2024, with a year-on-year decline in overall European gas demand and a robust pipeline import flow contributing to reduced LNG needs, Trend reports with reference to the Oxford Institute of Energy Studies.
European LNG imports dropped from 31.8 Bcm in Q3 2023 to 24.2 Bcm in Q3 2024, marking a 7.6 Bcm (24 percent) decrease. This reduction is even more pronounced when compared to Q3 2022, reflecting a 30 percent (10 Bcm) drop.
In line with the decline in imports, European regasification terminal sendout fell significantly, down from 29.5 Bcm in Q3 2023 to 22.8 Bcm in Q3 2024—a 6.75 Bcm (23 percent) reduction. This data excludes terminals in Malta, Gibraltar, Sweden, and small-scale facilities in Finland.
North-Western Europe saw the steepest declines, with sendout from LNG terminals in Belgium, the Netherlands, Germany, and northern France decreasing by 3.6 Bcm (28 percent). The UK experienced a similar trend, with a reduction of 0.6 Bcm, or nearly 30 percent. In Iberia and the Mediterranean region (including southern France, Italy, Croatia, and Greece), LNG sendout dropped by 22 percent year-on-year, amounting to 4.8 Bcm in Iberia and 5.4 Bcm in the Mediterranean. North-Eastern Europe, comprising Poland, Lithuania, and Finland, remained relatively stable, with only a slight reduction of 1.4 percent (39 MMcm), totaling 2.766 Bcm.
With EU-27 gas storage stocks standing at 100 Bcm, or 94 percent of capacity, as of September 30, the potential for further storage injections remains high. Given current mild weather and anticipation of the expiration of the Russia-Ukraine gas transit contract on December 31, 2024, market participants may hold off on drawing from storage. If mild conditions persist through late October and early November, LNG carriers may act as “floating storage,” waiting offshore to meet anticipated seasonal demand.
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