LNG Market Outlook: Mild Weather, Higher Renewable Output in Europe

This current feature was extracted from the latest edition of Poten’s LNG Market Outlook, a monthly service published on December 21, 2023.

European LNG imports have been increasing since Sep 2023. This is partially due to the requirement to fill gas storage levels ahead of winter, but also due to issues at the Panama Canal. Looking at preliminary shiptracking data for 1H December 2023 shows that imports for the region are on track to reach roughly 11.5 MMt.

Due to mild weather and a greater number of US cargoes arriving in the region, there has not been a sharp drawdown in storage, resulting in higher storage levels than expected. Once December 2023 is over, LNG imports are expected to be 128 MMt in 2023, down from 128.6 MMt in 2022. Imports were notably lower than previously forecast for Spain.

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