European LNG Imports Set Record

Global LNG market intelligence house Waterborne, announced that during the month of November 2010, European LNG import volumes set a new, unprecedented record high.

According to Steve Johnson, president of Houston-based Waterborne, Europe imported a staggering 302 billion cubic feet (bcf) of LNG – some 52 bcf more than the previous record volumes imported just two months earlier.

“Europe’s appetite for LNG has exploded,” he said. “We believe this is partly due to the unusually cold weather setting in. In addition, the US simply is not importing as much LNG as was expected due to the high level of shale gas being produced. Europe is simply snapping up a lot of this uncommitted gas.”

UK imports were the most significant contributor to Europe’s huge import month, says Johnson, bringing in 73 bcf. This level also set a record for the largest single import month ever for the United Kingdom.

Source: Live Trading News