{"id":61415,"date":"2022-01-11T09:11:39","date_gmt":"2022-01-11T14:11:39","guid":{"rendered":"https:\/\/olduvai.ca\/?p=61415"},"modified":"2022-01-11T09:11:39","modified_gmt":"2022-01-11T14:11:39","slug":"european-lng-imports-hit-two-year-high-as-us-flotilla-delivers-much-needed-supplies","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=61415","title":{"rendered":"European LNG Imports Hit Two-Year High As US Flotilla Delivers Much-Needed Supplies"},"content":{"rendered":"
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European LNG Imports Hit Two-Year High As US Flotilla Delivers Much-Needed Supplies<\/a><\/h3>\n<\/header>\n
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A flotilla of liquefied natural gas (LNG) from the US has finally arrived in Europe, increasing LNG imports on the fuel-starved continent to a two-year high. The fresh injection of natural gas is helping to offset declining Russian shipments. Prices of European natural gas fell Monday.<\/p>\n

Data compiled by\u00a0Bloomberg<\/a>\u00a0shows LNG gas imports in northwest Europe jumped to their highest levels since December 2019. The supply comes from a flotilla of up to 20 LNG vessels from the US that began their sailings in mid\/late December.<\/p>\n

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Fresh supplies of LNG are helping to ease supply woes but will not solve the energy crisis on the fuel-starved continent this winter because stockpiles are at very low levels for this time of year. News of fresh supplies is temporary relief and has resulted in front-month Dutch gas futures falling as much as 6% to 82.50 euros a megawatt-hour and traded at 88 euros around 0600 ET.<\/p>\n

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Since mid-December, European gas prices have been halved from about 182\u00a0euros to 88 euros today. The downdraft is primarily due to the prospects of the flotilla.<\/p>\n

Notably, there is still a significant arbitrage spread between US and EU Nattie prices over and above historical norms…<\/p>\n

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Here’s our reporting on the new supplies:<\/p>\n