European LNG delivered imports climb to 7.39 mil mt in November

Delivered imports of LNG to Europe for November to date have risen to 7.39 million mt, according to data from S&P Global Commodity Insights as of Nov. 20.

The volume represents a jump of 2.7 million mt week on week to put it at around 76% of the level seen last month, which marked the highest monthly import total since May.

Reported volumes for November are headed to France (1.66 million mt), Spain (1.04 million mt), the UK (970,000 mt), the Netherlands (890,000 mt), Italy (700,000 mt), Belgium (640,000 mt), Sweden (400,000 mt), Poland (380,000 mt), Germany (210,000 mt), Portugal (140,000 mt), Lithuania (110,000 mt), Malta (70,000 mt) Croatia (70,000 mt), Greece (60,000 mt) and Finland (30,000 mt).

Most notably, the US is supplying just over 52% of the total, while Russia is supplying around 13% and Algeria contributing around 11%.

Lower temperatures

Although forecasts of cooler temperatures have heightened expectations in the market for rising demand toward the end of the month and into December, current temperatures remain relatively mild, cushioning prices.

Platts, part of S&P Global Commodity Insights, assessed the DES Northwest Europe Marker for January at $13.815/MMBtu Nov. 17, down 23.1 cents/MMBtu on the day but a 7.8 cents/MMBtu rise week on week.

Gas storage levels in the EU remain ample at 98.94% full as of Nov. 18, according to Aggregated Gas Storage Inventory data.

However, trading sources also highlighted the issue of continued delivery delays via the Panama Canal resulting in more US volumes being redirected away from Asia toward Europe.

"A shift in LNG trade flow over the past two years has helped keep Panama Canal congestion concerns at bay as the bulk of US LNG volumes have remained in basin," according to Andres Rojas, research and analysis associate director, and Theo Kassuga, analyst, at S&P Global Commodity Insights. "With Europe relying heavily on LNG to make up the shortfall in Russian pipeline gas, netbacks into the continent have been keeping pace with Northeast Asia, resulting in Europe attracting the bulk of US LNG volumes."