Daily Energy Report
Daily Energy Report
EU nat gas imports, China oil demand down, US gas production, US shale efficiency, EU’s EV breakdown, US uranium, Carbon credit risk, Haynesville gas pipes, and more.
Chart of the Day: EU Gas Imports by Source in July
Summary
Figure (1) above shows EU gas imports by source last month.
The EU’s LNG imports dropped last month by 10.3% month-on- month, to the lowest monthly figure since December 2023 when imports stood at 6.3 million tons (equivalent to 8.35 bcm of regasified LNG), according to data from Kpler. This significant drop was due to increased demand in Asia driven by hot weather in the region, making the Asian market more attractive for spot LNG purchases with a premium of more than $2 per mmbtu to TTF. Spain was the top importer with 1.52 bcm, followed by the Netherlands with 1.33 bcm, and France with 1.27 bcm.
From the LNG supply side, the US remained the EU’s top LNG supplier although its share dropped to 37% of delivered LNG cargoes to the bloc compared with 42% in June, followed by Russia with a share of 23%, Qatar (12%), and Algeria (8%). US LNG exports were affected by a halt in production at the Texas-based Free Port LNG facility for eight days in July ahead of Hurricane Beryl.
Looking at the full picture, the LNG segment made up 37.7% of the EU’s total gas (and LNG) imports, while pipeline gas accounted for the remaining share of 62.3%. In July, Norway supplied 34.4% of the EU’s total gas imports, while Russia (including its LNG) retained a share of 20.5%, surpassing Algeria (piped gas and LNG) which accounted for 14.3%, as well as the US (LNG) which supplied 13.8% of EU’s total imports.