- Europe is now the top buyer
of U.S. liquefied natural gas after a near 5x spike in U.S. LNG sales
to the continent this winter, overtaking South Korea and Mexico,
according to a Reuters analysis, after prices in Asia fell sharply on
lower than expected demand while prices in Europe, traditionally seen as
a market of last resort, have remained steady.
- U.S. LNG
shipments to Europe totaled 3.23M metric tons, or 48 cargoes, in October
to January, compared to 700K tons, or nine cargoes, in the year-ago
period, bringing the U.S. to second place behind only Qatar as an LNG
supplier to Europe.
- U.S. LNG also offers countries an alternative to piped gas and forces Russia to compete on price; Russia's Gazprom pumps 190B cm, or the equivalent of 145M metric tons/year to Europe, 4x the current capacity of all U.S. LNG export terminals.
Look at that year-over-year increase!
- last year, 700K metric tons = 9 cargoes
- one year later, 3.23 million metric = 45 cargoes
Whenever I see stories like this, I always think back to "
Europe at a tipping point" which I first posted years ago at "
the big stories."
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