We are pleased to present Aurora’s latest North West European Gas System Performance Report.
Highlights of our June 2019 report include:
- Gas prices: Prices fell by 16% month-on-month, continuing the trend seen in earlier months due to the supply glut caused by the hangover of surplus LNG cargoes from the mild winter, which continued into June.
- Consumption: Gas consumption in NW Europe rose by 19% year-on-year, leading to the 5 year maximum being exceeded, primarily driven by increases in industrial and power consumption in France and also due to an increase in residential consumption in GB.
- Supply: LNG imports increased by 2.2 bcm year-on-year, at the expense of Russian pipeline flows and indigenous production, with the former losing 6%-points and the latter losing 4%-points in EU market share across the same time period.
- Indigenous production: European indigenous production continued to decrease, coincident with lower demand in Europe month-on-month. Dutch production showed the highest decline, down 27% month-on-month and 16% year-on-year due to the continuing production cut in the Groningen gas field caused by the lower annual production cap.
- Pipeline imports: Total pipeline imports were broadly unchanged year-on-year. Norwegian flows saw an increase of 0.8 bcm compared to the same time period last year, at the expense of a decrease in Russian pipeline imports. Within Russian flows, the Czech route saw a decline of 0.4 bcm year-on-year and the Poland route saw a 0.1 increase in flows across the same time period. The decrease in the Czech route (which goes via Ukraine) is particularly interesting as the end of the Ukraine transit contract in December 2019 gets closer.
- LNG: GB saw the lowest LNG terminal utilisation rate – falling by 77% month-on-month – as pipeline flows from Norway increased by 1.0 bcm, whilst LNG imports decreased by 1.5 bcm across the same time period. Declines in LNG imports into Belgium and the Netherlands were driven by demand declines.
- Storage: Storage injections increased by 30% month-on-month as the storage refill season continued, but were 13% lower year-on-year due to lower withdrawals owing to the milder weather last winter.
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