US natural gas storage The amount of additional gas piped into Europe from the US could fall from 42% this winter to 35% next summer. Photo: Anton Zubchevskyi.
Although shipments from the United States account for 40% of Europe’s LNG imports, they will only partially offset a deficit that will be even more “notable” next year, according to a recent report by BloombergNEF.
On the other hand, shipments to Northwest Europe and Italy could increase by 9 billion cubic meters year-on-year between April and September due to emergencies in the Nord Stream gas pipelines. Russia’s supply gap may reach 20 billion cubic meters.
Additionally, U.S. gas exports will grow 12% this year due to issues surrounding the Freeport LNG terminal project in Texas — less than expected. In that sense, the report indicates that the amount of additional gas shipped from the US to Europe could be reduced from 42% this winter to 35% next summer.
“The year-over-year increase is not enough to offset the overall decline in Russia’s pipeline supply, as less than half of those volumes are being met by increased LNG supply,” said Arun Toora, an analyst at BloombergNEF.
The most attractive Asian buyers
According to the agency, the EU must remain an attractive market for sellers and account for around 70% of the world’s spot broadcasts, mainly from the US, to continue to meet demand in the future.
“Supply in the US is particularly price sensitive and will spill over into the most profitable market, which will continue to be Europe, unless demand picks up in Asia,” Toora added.
(With information from RT)
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Big business of the United States: They sell gas to Europe 40% more expensive than Russia