EU’s Gas Import Mix: US Becomes EU’s Largest Gas Supplier Amid Pipeline Disruptions
About 12% of EU Gas Imports Came form Russia (with 6 charts)
European gas storage injections were strong in September, reaching 82.5% by month-end, up nearly five percentage points from August. However, inventories remain below the five-year average (see Figure 1).
Lower Asian LNG demand, due to milder cooling needs, has freed up supplies for Europe. With high storage levels, TTF prices fell to an average of $11.1 per MMBtu in September, down from $11.2 per MMBtu in August.
In the Asian market, JKM spot prices fell to about $11.3 per MMBtu from $11.6 per MMBtu in August due to low demand and stable LNG supply. The average price differential between JKM and TTF tightened to $0.2-$0.4 per MMBtu.