FAST FIVE: EU Imports More US LNG Than Russian Pipeline Gas For The First Time Ever
EU Imports More US LNG Than Russian Pipeline Gas For The First Time Ever Authored by Tsvetana Paraskova via OilPrice.com, For the first time in history, US LNG overtakes Russian piped gas in EU.
“Russia's recent steep cuts in natural gas flows to the EU mean this is the 1st month in history in which the EU has imported more gas via LNG from the US than via pipeline from Russia,” Birol tweeted today, sharing an analysis from the IEA.
The significantly lower supply from Russia since the middle of June and the upcoming annual maintenance at Nord Stream that will completely halt deliveries through the pipeline for two weeks in July have left Europe scrambling to fill gas storage sites to adequate levels before the winter. The EU has been importing record volumes of American LNG in recent months, although analysts say LNG imports alone cannot replace Russian pipeline gas.
The European Union and the UK saw a record high level of LNG imports in April, as higher spot prices in Europe compared to Asia attracted suppliers with destination flexibility to ship LNG to Europe.
Those suppliers were mostly from the United States, the EIA said earlier this month. In April 2022 alone, five European countries-France, Spain, the UK, the Netherlands, and Poland-accounted for 54.1% of total US LNG exports, data from the US Energy Department showed earlier this month. Despite the record intake of American, and other, LNG, Europe still faces supply troubles this winter if it doesn't take measures to conserve energy, analysts and the IEA say.