EOA Daily Energy Report

Freeport LNG.  Source: Freeport LNG Development, L.P.

CHART OF THE DAY: Bullish for US natural gas

Figure (1)

EU Natural Gas Imports by Source, January 2023

Commentary:

The European Union’s dependence on Russian gas has dropped from 40% in 2021 to 7% in January 2023, the lowest level on record. The EU managed to achieve this by resorting to various energy sources, including coal, oil, and wood, while seeking other gas suppliers, mainly the US and Norway. The bloc has also taken measures to conserve energy and reduce consumption.