• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 35 mins EU has already lost the Trump vs. EU Trade War
  • 2 mins More dumbed down? re Hong Kong Act of Congress
  • 16 hours Impeachment S**te
  • 55 mins Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 3 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 23 hours 55.00 WTI
  • 8 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 4 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 1 day Water, Trump, and Israel’s National Security
  • 1 day Everything You Need To Know About Trump
  • 2 hours Last I Checked
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 46 mins Petroleum Industry Domain Names
  • 50 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?

Breaking News:

China’s Hunger For Coal Is Growing

UK’s LNG Imports Jump To Highest Since 2015

LNG vessel

The UK is on track to import this month its highest volume of liquefied natural gas (LNG) since October 2015, as a wave of new global LNG supply and muted winter demand and low spot prices in Asia are boosting flows of the fuel to Europe.

As many as 14 cargoes of LNG are set to arrive in the UK in March, Reuters reports, citing shipping data from Refinitiv Eikon. The surge in LNG imports has pushed down wholesale gas prices in Britain to their lowest in 18 months, according to Reuters data.

In addition, UK wholesale gas prices have halved since September last year—a highly unusual occurrence because winter is a peak natural gas demand season in Britain with gas used for heating.  

But the increased flow of LNG has been pushing prices lower.

According to British Gas, the UK typically produces enough gas to meet 44 percent of its needs, while it imports 47 percent of its gas via pipelines from Norway and Europe, and another 9 percent in the form of liquefied natural gas (LNG).

Yet, over the past six months, LNG supply has accounted for between 15 percent and nearly 30 percent of the gas supply to the UK, Reuters data shows.

Qatar used to be the overwhelmingly dominant LNG supplier to the UK until 2017. But in 2018, Britain imported a lot of U.S. and Russian LNG, which has diminished Qatar’s market share, according to Refinitiv Eikon shipping data. In 2017, Qatar’s market share was 87 percent, in 2018 it fell to 39 percent, and it has further dropped to 34 percent so far in 2019.

Meanwhile, Asian LNG spot prices plunged to their lowest for this time of the year since 2016. The low LNG prices, however, have already started to spur some demand for May onward, especially from India, trade sources tell Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play