Europe's Monthly Gas Tracker: Gas Imports from Russia Increased 21.7% YoY & Would Go Higher With a Severe Hurricane Season in the GoM

With 6 charts

To assess the success of European efforts to shift away from Russian gas, the EOA issues a monthly tracker of the EU’s gas imports through pipelines from Russia, Azerbaijan, Norway, and North Africa (Algeria and Libya), as well as LNG cargoes from global players like the US, Qatar, and Nigeria. The tracker aims to highlight changes in the EU’s imported gas supplies and the extent of reducing dependency on Russia.

The European benchmark for gas prices, TTF, remained nearly stable in June reaching $10.83 per mmbtu by the end of the month amid historic high gas storage levels in Europe. As of June 30, storage levels were at 77.39%, similar to the same period last year, but around 16 percentage points higher than the past three-year average (Figure 1). Meanwhile, Asia became more attractive for spot LNG cargoes as the price differential (JKM-TTF) was in favor of JKM, increasing to $1.44 per mmbtu in June compared with $1 per mmbtu the previous month.

Gazprom’s Exports to Europe