EU’s Gas Import Mix: LNG Imports Remain Low in September Amid Low Economic Growth & Mild Weather

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 TTF, the European benchmark for gas prices, increased in recent days on increased tension between Israel and Iran.  They increased by 5.8% in September, reaching $12.74 per mmbtu by month-end (compared to $12.04 per mmbtu at the beginning of the month). This rise was primarily driven by lower piped gas supplies due to maintenance and escalating conflicts in the Middle East. However, TTF price gains were limited by Europe's high gas storage levels, which stood at 94.37% on September 30 (See Figure 1).