Never before has the EU and the UK imported so much LNG in a single month. The good news is that LNG stock levels in EU storage facilities are at high.
January gas deliveries from LNG terminals to the European transmission system broke an 11-year monthly record, according to Gas Infrastructure Europe. Liquefied gas supply from terminals on 28 January totalled 405 million cubic metres, a record figure as of today and 2.2 times the average figure in the past five years.
In total, in the 28 days of January, the flow of regasified LNG into European gas mains has reached 10.44 billion cubic metres. This means that three days before the end of the month, LNG supplies to Europe are already higher than in January 2019. Also, 30 January will mark the breaking of the 2011 record for gas volume develivered from LNG terminals by Europe’s GTS (just over 11 bcm). The capacity to regasify LNG and inject it further into Europe’s pipelines is currently 67.4 per cent utilised.
The good news is that stock levels of liquefied gas in European storage tanks are high. At the end of January they are 5 per cent above the average of the last five years. New LNG is still arriving in Europe. The Wall Street Journal reported that more than two dozen gas tankers are now coming from the US to Europe. That means an increase in LNG stocks in Europe for the foreseeable future.