We are pleased to present Aurora’s latest North West European Gas System Performance Report.
Highlights of our July 2019 report include:
1. Gas prices: Prices rose by 6% month-on-month due to lower Norwegian exports – driven by repeated maintenance works at the Troll gas field and unplanned outages at the Aasta Hansteen gas field and associated Nyhamna gas plant.
2. Consumption: Gas consumption in NW Europe rose by 41% year-on-year, continuing to exceed the 5-year maximum as seen in earlier months, primarily caused by a 2.1 bcm increase in both non-power and power consumption in France and a 1.4 bcm increase in non-power consumption in Germany.
3. Supply: LNG imports increased by 1.6 bcm year-on-year (share of gas supply increased from 4% to 11% at the expense of pipeline supply and indigenous production). Russian pipeline imports declined by 0.6 bcm year-on-year, and Norwegian pipeline imports decreased by 0.8 bcm, with the former losing 1%-point and the latter losing 3%-points in EU market share.
- Indigenous production: Dutch production continued to decrease, falling by 31% year-on-year, as the Groningen production cap neared. GB production was down 8% year-on-year, but up 7% month-on-month, compensating for lower flows from Norway.
- Pipeline imports: Russian pipeline imports through Nord Stream saw a 0.6 bcm increase year-on-year due to a maintenance period which was 2 days shorter than the same period last year. The 0.9 bcm decline in flows through the Czech route across the same time period was because of the shorter maintenance work on Nord Stream.
- LNG: Whilst LNG volumes were 25% lower month-on-month across NW Europe due to lower net demand1, Belgium saw terminal utilisation increase by 40% across the same time period. Belgian LNG imports partly compensated for declines in imports from GB of 0.5 bcm (which was itself due to increased consumption of domestic output in GB, compensating for declines in Norwegian flows due to outages).
4. Storage: Storage injections were down 41% month-on-month and down 65% year-on-year, due to high inventory levels (approaching the 5 year trailing maximum) caused by lower storage withdrawals than normal during the 2018-2019 winter, driven by higher LNG imports.
In addition to downloading the reports in PDF format, you can also explore dynamic and customizable versions and underpinning data via EOS, our online data and analytics platform.
Not a subscriber? View an example of our NW Europe Gas System Performance report here
The Aurora Team