October 2019, Vol. 246, No. 10
Global News
In a Twist, LNG Takes NatGas Market Share in Europe
Europe’s two biggest suppliers of pipeline gas lost market share for the first time in at least four years as LNG imports into the region tripled between October and August.
Norway’s Equinor and Russia’s Gazprom both lost market share LNG imports tripled during the 10-month period reported by Refinitiv, providing the latest example of how LNG is transforming Europe’s gas market.
The growth in European LNG imports was stoked by lower-than-expected spot LNG demand Asia, pressuring Europe’s gas prices to 10-year lows.
The share of LNG in gas supplied to western and central Europe increased to 14% between October 2018 and August 2019 from 5% in the same period of 2017-18.
The share of Norwegian gas dropped to 33% from 38%, a multi-year low, according to Refintiv. Gazprom’s share, meanwhile, stayed near its average of the past three years and declined only 1% from the previous year to 32%, but it was the first annual decline since the region was hit by low gas demand in 2014-15.
LNG from the United States into northwest Europe accounted for 2% of total gas supply into the region, contributing to the strong increase in LNG in Europe. P&GJ
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