Europe set new record for daily liquefied natural gas imports

Last week, daily deliveries of liquefied natural gas (LNG) to the EU gas transmission system from terminals exceeded 460 million cubic meters for the first time. This reading is an all-time high, according to Gas Infrastructure Europe.

Yet, pumping into underground storage facilities is slowing down. Now they are filled to 42.5%, which is 10% below the five-year average and down 22% from a year ago. To reach the target of 90% by November 1, the EU has to pump no less than 61 billion cubic meters, nearly 50% above last year’s figures. This poses a risk of rising prices and increased competition for LNG with Asia, TASS notes.

Gas Exporting Countries Forum warns of potential challenges in meeting gas storage filling requirements. During the previous heating season, the EU used 74 billion cubic meters of fuel from reserves, up 44% from a year ago. At the same time, LNG imports in April reached a record of 12.8 billion cubic meters, TASS says.