A neighbor takes LNG from Europe

Europe receives less and less LNG, and stocks in the storage facilities of EU countries are recovering at an extremely slow pace. American gas is being taken away not only by Asian countries, but also Egypt, which needed large volumes to produce electricity.

LNG supplies to Europe continue to decline. According to GIE, if in March imports to countries The EU reached a record 431 million cubic meters per day, then in June it dropped to 333 million cubic meters, and in July — to 266 million cubic meters. Such a sharp decline has led to the fact that the injection into storage facilities does not add up and the gap between last year's reserves and the current ones exceeds 10 billion cubic meters — about 10% of the total capacity of the UGS of the EU countries.

Such a sharp decline is explained by both active purchases in Asia and Egypt.

"LNG imports to Egypt in June reached a record high due to a decrease in domestic gas production and an increase in seasonal demand, which raised market concerns about tightening supplies to Europe amid ongoing disruptions to exports from Qatar," Montel writes.

So, in the first month of summer, liquefied gas supplies to Egypt reached 1.3 million tons (1.8 billion cubic meters of gas). At the same time, American LNG accounted for 1.06 million tons, which is about 10% of American exports.

According to the publication, Egyptian companies pay a premium to European prices — $ 15 per thousand cubic meters or $ 1.35 million per tanker.

Montel notes that the share of American LNG in Europe fell for the first time in two years to 42%.

At the same time, the supply of Russian gas, from which The EU plans to completely abandon next year, remain stable. For example, June exports of liquefied natural gas to the EU remained at the maximum level and exceeded 2 billion cubic meters.