Despite efforts to ban Russian natural gas imports, Europe has been taking in more of it as higher spot prices in the Pacific Basin in recent weeks have drawn more American supplies toward Asia.
Last month, Europe imported nearly 35% of its LNG from the United States and 21% from Russia, according to Kpler. That compared to 39% from the United States and 19% from Russia in June. Over the same time, European LNG imports fell to 6.11 million tons, or a 34-month low amid soft demand.
Kpler analyst JP Lacouture told NGI that liquefied natural gas deliveries to Europe from PAO Novatek’s Yamal facility were marginally higher compared to the last few years, with July deliveries to Europe looking similar to 2020 and 2022. However, deliveries from Russia to Europe were up 53% year/year in 2023.
