Record LNG shipments to Europe running into supply bottlenecks Oct.18,2022
Three countries provided almost 70% of LNG received in Europe in 2021
(EIA) — In 2021, a large share of Europe’s supply of LNG originated in the U.S., Qatar and Russia. Combined, these three countries accounted for almost 70% of Europe’s total LNG imports, according to data by CEDIGAZ. The U.S. became Europe’s largest source of LNG in 2021, accounting for 26% of all LNG imported by European Union member countries (EU-27) and the UK, followed by Qatar with 24%, and Russia with 20%. In January 2022, the U.S. supplied more than half of all LNG imports into Europe for the month.
Exports of LNG from the U.S. to EU-27 and the UK increased from 3.4 Bft3d in November 2021 to 6.5 Bft3d in January 2022—the most LNG shipped to Europe from the U.S. on a monthly basis to date, according to the U.S. Department of Energy’s LNG Monthly reports and the EIA's estimates, which are based on LNG shipping data. Rising U.S. LNG exports are the result of both natural gas supply challenges in Europe and the sizable price differences between natural gas produced in the U.S. and current prices at European trading hubs.
Natural gas supply constraints in Europe and the low storage inventories of the past year contributed to recent increases in U.S. LNG exports to Europe. Europe’s natural gas production has been in continuous decline because of production limits on the Groningen field in the Netherlands and declines in the mature fields in the North Sea. To meet demand, Europe’s natural gas imports, particularly from Russia, have increased in recent years.
Pipeline flows of natural gas from Russia decreased during 2021. Pipeline receipts from Russia at the three main entry points (Kondratki in Poland, Greifswald in Germany, and Velke Kapusany in Slovakia, which combined account for 14.3 Bft3d of import pipeline capacity from Russia) averaged 10.7 Bft3d in 2021, compared with 11.8 Bft3d in 2020 and 14.1 Bft3d in 2019, according to data by Refinitiv Eikon. More natural gas delivered by pipeline from Norway, which increased from 10.4 Bft3d in 2019 and in 2020 to 11.1 Bft3d in 2021, was not enough to offset reduced pipeline receipts from Russia.
Supply challenges in the European market have led to rising regional prices for natural gas. The natural gas spot price at the Title Transfer Facility (TTF) in the Netherlands—the most liquid virtual natural gas hub in Europe—has been trading at all-time high levels. The TTF price averaged $28.52 per million British thermal units (MMBtu) from September 2021 through the first week of February 2022. The TTF price peaked at $60.20/MMBtu on December 21, 2021. Prior to this sharp price increase, the TTF price had averaged $9.28/MMBtu from January through August 2021, $3.28/MMBtu during 2020, $4.45/MMBtu during 2019, and $6.45/MMBtu from 2014 through 2018.
Historically, spot natural gas in Europe has traded at prices lower than LNG spot prices in Asia. In recent months, however, natural gas prices in Europe have closely tracked LNG prices in Asia. On some days, the natural gas price in Europe has exceeded the LNG price in Asia, attracting higher volume of flexible LNG supplies to Europe. LNG imports to Europe increased in December 2021 and January 2022, averaging 10.8 Bft3d and 14.9 Bft3d, respectively, partly in response to the price at TTF rising above LNG spot prices in Asia.
Principal contributors: Victoria Zaretskaya, Chris Peterson, Warren Wilczewski
Three countries provided almost 70% of LNG received in Europe in 20...
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Comment by Thinklike A. Mountain on October 23, 2022 at 10:04pm
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Comment by Willem Post on October 20, 2022 at 6:48pm
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Trump told the Germans, they were too dependent on Russian gas, in 2018.They pooh-poohed and laughed at him.The Germans are not laughing now, as they face de-industrialization on a massive scale.
BTW, Europe was forced to make a gas switch to the US, etc., because of the predicted blowback of premeditated US/EU sanctions, due to the Ukraine events.
Europe was foolishly supporting the US-INSTIGATED/FINANCED, COLOR REVOLUTION, in Ukraine, in 2014, which violently ousted a democratically elected leader."Fuck the EU" Ms. Nuland, a former Ukrainian, was one of the on-site rooters of the Coup.This presented opportunities to the US/UK/NATO to:
1) Turn Ukraine, and most of East Europe, into an armed camp to "bark at the gates of Russia", per the Pope.
2) Weaken Russia with sanctions, that backfired, mostly on Europe, and benefitted the US LNG producers/exporters and LNG carrier owners, while Biden's posse is screwing the US people with higher oil, gas and coal prices, which contributed to 8+% inflation, which will take away the ill-gotten control by Dem/Progs of the US Congress, in November 2022.3) Foster unrest and color revolutions in Belarus (big fertilizer/potash exporter) and Kazakhstan (big oil/gas exporter), to effect regime changes, which ultimately were unsuccessful.4) Stonewall Russia regarding the Minsk accords for 8 years, while:1) Building up the Ukraine army2) Neo-Nazi "army personnel" were performing a punishing genocide of about 12,000 Dombas separatists, not or "lightly" reported by the US media.Kiev's government, with elements of neo-NAZI-extremism, loaded with all sorts of NATO weapons, are ruining their entire country, because they did not want to give "autonomy-while-being-part-of-Ukraine" to the Dombas, which is populated almost entirely by Russian-speakers, who to their surprise, became "Ukrainian" without being asked, who have been living in the Dombas, and elsewhere, for hundreds of years.Europe is now outsourcing its natural gas deliveries to the US, which is charging 4 times for its LNG, as Russia was charging for its pipeline gas!!
It is highly likely, the US/UK/NATO (ready, willing, able) blew up Russia’s Nordstream 1 and 2 pipelines (ready, to eliminate any future low-cost competition.
The short-sighted Europeans have screwed themselves big-timeThe Europeans are burning their own trash to stay warm.How good is that for the environment?They’ll be cutting down trees in the forestsTheir government RE policies have done far more damage to the planet, as it claims it is “trying to save it”.Europe is teetering on economic ruin.Factories and smelters are being shuttered, many of them permanently.
The UK now has the highest electricity bills in Europe, and according to a report released last week by the British government, business bankruptcies in the UK are now at their highest level since the 2009 financial crisis."
And worse is yet to come.
China halted all resales of LNG sourced from Russian gas.
The EU's sanctions on Russian oil and gas will shut down Russian oil delivery to Europe in just over a month.
Russia will sell its oil elsewhere for rubles, or that country's currency, because dollars and euros are worthless to Russia, because of pre-meditated sanctions
The Financial Times is reporting UK’s National Grid has warned British households to prepare for blackouts between 4pm and 7pm on "really, really cold" weekdays in January and February.
The EU sanctions are an "Economic Jonestown."
No wonder US Climate Jacobins are celebrating the economic and human devastation as winter closes in.
Meanwhile, US LNG shipments into Europe are pricing 4x above Atlantic Basin prices -- a very nice payday.
While New England faces gas shortages due to New York State bans of pipeline expansion and Biden Regime Jones Act policies.
US/UK/NATO destruction of Nord Stream 1 and 2 precludes Germany to make a deal with Russia for restoring gas supply.
But there eventually will be other options.
Erdogan agreed to study creating a gas hub in Turkey blending Russian, Azerbaijan and other gas for shipment into the Balkans and southern Europe.
For at least the next few years, Europe is toast.
Self-inflicted by EU leaders whose first priority is creating the appearance of being green, and
scraping-and-bowing to the clueless Biden Regime to protect its $15 trillion of investments in the US, and its huge annual trade surpluses with the US.
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Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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