Daily Energy Report

EU natural gas imports, Record Suez oil tankers, Russia’s Brent price signal, Arctic LNG 2 sanctions, US SPR purchase, India wants Mid-East crude, EU power prices, US EV slowdown, and more.

Chart of the Day: EU Natural Gas Imports by Source in 2023

Summary

Figure (1) above shows the EU’s imports of natural gas (Piped and LNG) in 2023 by source. LNG accounted for 46.6% of the EU’s total gas imports, up from 36% last year and 26% in 2021. Piped gas accounted for 53.4% of the EU’s total imports. 

Norway was the top supplier of gas to the EU with a 29% market share, followed by the US at 20.3% (All LNG). Russia came in third place with a market share of 16.9% (Piped and LNG). 

EOA’s Main Takeaways

The EU remains dependent on Russian gas for about 17% of its gas supplies. The replacement of Russian gas that took place was the low hanging fruit. The remaining 17% are hard to replace.  In fact, this share could increase under certain scenarios. The EU efforts to ban Russian LNG will not only increase gas prices in Europe but might lead to shortages, too. In short, the EU should tone down the anti-Russian rhetoric and stop playing with its gas supplies.

Story of the Day

SCA: Record Number of Oil Tankers Pass through the Suez Canal in 2023