LNG supplies to Europe hit all-time high

LNG supplies to Europe hit all-time high

The amount of liquefied natural gas (LNG) running from entry terminals to the European gas transmission system has reportedly set a new monthly record in January, hitting the highest for this month since records began in 2011.

Some 405 million cubic meters of gas were delivered to Europe as of January 28, marking an enormous increase of 110% compared to the annual average for this date over the past five years, according to data from the Gas Infrastructure Europe trade group, as quoted by TASS.

The capacities of re-gasification of LNG and further injections of the fuel into pipelines in Europe are currently loaded at 67.4% of the maximum, the group’s data shows.LNG stocks in European gas storage tanks are 5% above the five-year average, which is thought to be quite high for the end of January.

Earlier this week, the WSJ reported that more than two-dozen tankers loaded with LNG were en route from the US to Europe, lured by high prices in the region, with another 33 ships also likely to head to the EU.

The European energy crunch, which has sent gas and power prices soaring, was exacerbated when storage tanks in the EU dropped to their lowest seasonal levels in more than ten years. The decline was attributed to longer-than-usual maintenance at Norwegian fields and to Russia restocking its own inventories.

On January 27, the loading levels of gas reserves in underground storage facilities in Europe dropped to 39.22%, which is 15.6% less than the annual average for this date over the past five years. The storage tanks currently contain 42.34 billion cubic meters, 15.7 billion cubic meters less than in 2021.

Additionally, the latest speculation over probable military conflict between Russia and Ukraine continues fueling concerns about the supply of Russian gas. The US and Western allies have pledged to impose a new series of anti-Russian sanctions in the event of an invasion, the very idea of which has been repeatedly rejected by Moscow. The sanctions, reportedly, may target Russian energy sales.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Authorities in Warsaw have allowed citizens to forage for firewood in forests to keep their homes heated amid spiralling energy costs. Poland is in the midst of a coal shortage after banning Russian
подробнее...

If a fresh wave of government assistance is not released immediately, some 500,000 small businesses in the UK will go bankrupt within weeks, the chairman of the Federation of Small Businesses (FSB)
подробнее...

The White House fears that the confiscation of Russian assets could damage its reputation, the New York Times reported on Tuesday.According to the newspaper’s sources, top officials in President Joe
подробнее...

Russia has restricted the export of noble gases, including neon, in an apparent tit-for-tat response to the fifth round of sanctions imposed by the EU in April.The government decree, published on
подробнее...

Russian banking giant Sberbank has been disconnected from the SWIFT global financial messaging system under a new set of sanctions approved by European Union leaders on Monday.“This sanctions package
подробнее...

India halted wheat exports this year in order to stop speculation in the grain market, Foreign Minister Subrahmanyam Jaishankar said at the GLOBSEC 2022 international security forum in Bratislava,
подробнее...

Global grain prices have fallen to April levels following Russian President Vladimir Putin’s promise to ensure the safe export of Ukrainian grain through Black Sea ports controlled by Russia.Wheat was
подробнее...

Gas flow from Germany to France has been halted, French gas transmission system operator GRTgaz reported on Friday, adding that the nation hadn’t received any natural gas from Russia via the pipeline
подробнее...

The Netherlands continues to receive Russian gas after Gazprom stopped gas supplies to state energy wholesaler GasTerra due to non-payment in rubles, broadcaster NOS reported on Tuesday. It clarified
подробнее...

The boss of Wall Street giant JPMorgan Chase, Jamie Dimon, has warned investors that the US is facing an economic “hurricane” as the latest challenges posed by the Fed’s tightening monetary policy and
подробнее...

US technology firm IBM announced, on Tuesday, that it plans to pull out of the Russian market due to the conflict in Ukraine.The company's chief executive Arvind Krishna said in a statement: “Let me
подробнее...

The authorities in Sri Lanka have grounded a civilian aircraft belonging to Russian carrier Aeroflot, and seized the plane, local newspaper News First reported on Friday.The Colombo High Commercial
подробнее...

Credit card borrowing in the UK in April rose at the fastest annual rate in nearly two decades, according to data released by the Bank of England on Tuesday.The regulator revealed that spending on
подробнее...

A shortage of cigarette packaging paper could affect smokers in Germany, with some brands almost impossible to find in retail stores, Bild newspaper reported on Friday.According to the paper, one of
подробнее...

Ukraine is in discussions with the United States on purchasing and financing supplies of liquefied natural gas (LNG) instead of pipeline gas, which the country currently receives from EU states,
подробнее...

The current energy crisis could be one of the worst and longest in history and European countries could be hit particularly hard, the head of the International Energy Agency, Fatih Birol, said on
подробнее...

Austria’s oil and gas conglomerate OMV has said its recent payment for Russian gas under the new ruble settlement mechanism was successful, TASS reported on Wednesday.“We paid in May according to the
подробнее...

Denmark has become the fifth country to be cut off from Russian natural gas following the refusal of its biggest power wholesaler Orsted to pay for deliveries in rubles. Supplies to Shell Energy
подробнее...