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Home/North West Europe Gas System Performance – July 2018

North West Europe Gas System Performance – July 2018

Aurora’s gas system performance report provides a monthly snapshot of key operating characteristics for the European gas market. The key statistics include prices, volumes, trade, suppliers market share, indigenous production flexibility and storage provision for security of supply.

Highlights of our July 2018 report include:

  1. Gas prices: Gas prices continued their upward trend, rising almost 50% year-on-year due to high Asian spot LNG demand caused by a heat-wave in parts of China and Japan.
  2. Consumption: NW Europe consumption dropped by 12% year-on-year, driven by lower German non-power demand.
  3. Supply: LNG supply declined 3%-points year-on-year, and was substituted by 1%-p and 2%-p respective increases in Russian and Norwegian pipeline imports.
  4. Indigenous production: Despite an 11% month-on-month increase, Dutch indigenous production in July was 10% lower year-on-year, reflecting continued limitations in Groningen production before hitting the 21.6 bcm cap by the end of the current gas year.
  5. Pipeline imports: Russian pipeline flows through Nord Stream declined by 0.5 bcm year-on-year due to the annual maintenance cycle occurring between 17th and 31st July. Flows were diverted towards the Czech route (up 0.7 bcm year-on-year).
  6. LNG: LNG imports were down almost 50% month-on-month in Belgium, as decreased UK pipeline imports were substituted by increased Dutch and German imports.
  7. Storage: Despite high prices, storage injections increased by 45% month-on-month as suppliers continued attempting to raise inventory levels ahead of next winter.

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