Europe ramps up LNG imports in May to record 6 billion cubic meters

According to Gas Infrastructure Europe (GIE), EU imports of liquefied natural gas (LNG) in May are growing at record rates and have already exceeded 6 billion cubic meters. Meanwhile, fuel injection into underground storage facilities (UGS) reached a three-year high. If these dynamics persist, eurozone reserves could reach 90% capacity by mid-October.

As of May 14, 329 million cubic meters entered storage, while the volume of withdrawals fell to 27 million cubic meters. Year-to-date, consumption from UGSs has fallen 29%, while injections have risen 18%. However, reserves remain below last year's levels. EU UGS facilities are currently 43.67% full, compared to 65.8% at the same time last year.

According to TASS estimates, at least 61 billion cubic meters of net injection will be required to reach the target level of 90% storage capacity by November 1 — almost 50% more than last year. This generates increased demand for gas and raises prices, especially given competition with Asia and limited market supplies.

At the end of the heating season, EU countries withdrew 74 billion cubic meters. This is 44% more than a year earlier, TASS reports.