Europe began to purchase more LNG with the start of the heating season

With the start of the heating season in November 2023, countries European Union (EU) sharply increased imports of liquefied natural gas (LNG). This is stated with reference to data from the association of European gas storage operators Gas Infrastructure Europe (GIE) reports Vedomosti newspaper.

Fuel purchases increased by 16 percent month-on-month despite record reserves in underground gas storage facilities (UGS): on November 6, their fill level reached 99.6 percent.

According to a senior analyst at BCS, the world of investment” Ronald Smith, Europe still lacks gas. If the winter is cold, the countries of the association may face a shortage of fuel, so they prefer not to take gas from storage, but to buy it.

If the frosts are severe, the EU may increase import volumes to a historical maximum, suggested Finam FG analyst Sergei Kaufman. By early December, supplies could increase by 22-24 percent compared to October, to a level of 12.2-12.4 billion cubic meters.

According to Kpler analysts, in October the volumes of liquefied natural gas (LNG) supplies from Russia turned out to be the maximum this year and reached level of 2.98 million tons. The increase was achieved largely due to the increase in LNG supplies to Japan and completion of planned maintenance work at key plants. Asia and Europe became the key buyers – they accounted for 12.8 and 12.35 million tons of fuel, respectively. The Russian Federation sent another 0.5 million tons to Turkey.

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