Natural Gas News – December 8, 2022

Natural Gas News – December 8, 2022

Record-High LNG Imports In Europe 

Europe imports record high levels of LNG just in time for winter demand surge. European temperatures have continued to decline in the first week of December, pushing weekly average storage withdrawals to some 470 million cubic meters per day (MMcmd) and LNG imports to a record monthly high of 11.4 million tonnes. A new LNG long-term deal was signed between Sempra and INEOS, boosting supply to Europe’s gas market. Day-ahead prices on the UK’s National Balancing Point (NBP) have also jumped on cold weather and low wind power output in recent weeks. In the US, despite weak gas demand in the mid-west and east coast, 81 billion cubic feet (Bcf) was taken from storage last week. Despite an early cold snap, ample gas inventories in Asia are keeping a lid on spot prices. The Netherlands-based front-month Title Transfer… For more info go to https://bit.ly/3HfFKqu

U.S., Britain Launch Energy Partnership To Boost Supplies

The United States and Britain announced on Wednesday an energy partnership aimed at sustaining a higher level of liquefied natural gas (LNG) exports to Britain and collaborating on ways to increase energy efficiency. Britain and other European countries have turned to the United States as they try to reduce their reliance on Russian energy supplies following Moscow’s invasion of Ukraine began in February. “This partnership will bring down prices for British consumers and help end Europe’s dependence on Russian energy,” British Prime Minister Rishi Sunak said in a statement. The “UK-US Energy Security and Affordability Partnership” will also aim to drive investment in clean energy and exchange ideas on energy efficiency and reducing demand for gas. Household energy bills have hit record high… For more info go to https://reut.rs/3FAzgRz

 

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