Last week’s reduction in Norwegian supply pushed European storage injections further down, with daily injection rates falling to about half of the levels recorded at the start of May.
This is despite low demand continuing to support European market balances: unseasonably low consumption has in fact roughly offset lower supply from Norway, keeping projected total LNG imports for 2025 roughly the same since the start of May.
Unless demand remains this low throughout the rest of the year, however, current levels of LNG sendout are likely to lead to storage levels at the start of November well below 80% of total capacity. This suggests that pressure for Europe to ramp up LNG imports later in the year continues to mount.
Source: Giovanni Bettinelli
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