- European LNG imports are on track to increase to 7.98 million tons in September and as much as 10.53 million tons in October as EU gas storage remains substantially below the five-year average.
- Asia's September LNG imports are estimated at 20.09 million tons, down from 22.27 million tons a year ago, as price-sensitive buyers turn to coal.
- Spot LNG prices are up 150% from February, with Qatar's export hub largely closed and the force majeure shortfall estimated at 12.8 million tons annually.
- China is limiting spot LNG imports, relying on long-term fixed-price and oil-linked contracts plus Russian pipeline gas.
- Europe has no alternative to buying expensive LNG as Norwegian imports are at peak and Russian pipeline gas is sanctioned, with Russian liquefied gas to follow in January.
Quotes
“Liquefied natural gas prices on the spot market are moving higher as demand picks up seasonally and Asian importers are souring on the fuel.”
“European LNG demand is surging ahead of winter, with imports expected to climb sharply as gas storage remains below seasonal norms and Qatari supply stays constrained.”
“Qatar’s LNG export hub remains largely closed for business, with QatarEnergy reported to be seeking deals for U.S. liquefied gas to 2031 to make up for lost local supply in long-term contracts with international clients.”