Posted on 12/30/2022 6:13:12 AM PST by SpeedyInTexas
European natural gas inventories ROSE (!) by 12 BCF over past week.
EU nat gas storage 83% full.
Current inventories at 3207 BCF.
Sorry, correct link to Celsius Energy
https://www.celsiusenergy.net/p/european-natural-gas-inventories.html
Again,
Putinistas crestfallen there is no freezing to death so far.
As each year passes, more LNG terminals will be built in EU and more LNG export terminals around the world.
Each year will get better for EU.
Nat gas prices now lower than Feb 24th start of the war.
“A mild week of weather in the EU and storage levels went up.”
The elegance of the Global Warming solution.
‘As each year passes, more LNG terminals will be built in EU and more LNG export terminals around the world.”
About 20 new LNG import terminals have been funded and put on the fast track around the coast of Europe, enough to process around one and half times as much as they imported from Russia last year (2021).
The article below says that Germany has not yet signed long term contracts with new suppliers for LNG (”from January”), which is a bit misleading - they have signed multi-billion dollar contracts with American and Qatari suppliers. But the gist is correct, in that for the next few years, a big chunk of Germany’s natural gas import needs are currently open to being purchased on the spot market, and subject to big price swings (down, as well as up).
Germany may not want to lock in long term contract prices just yet, while the market price is high, or they may be holding open the door for Russia to re-enter after the war is over (perhaps as an incentive). They may be hoping to build enough wind and solar, or outsource nuclear generation to Poland. Other major European customers have already converted their long term contracts to non-Russian suppliers. No matter what contracts are let in the future, the import, storage and distribution infrastructure is going to be there to allow immediate replacement of Russian supplies, if they are ever allowed back into the European market.
https://www.ibtimes.com/germany-cuts-ribbon-first-lng-terminal-3648360?amp;amp
“Germany, on 14 December this year inaugurated its first liquefied natural gas (LNG) terminal, built in record time.
The rig in the North Sea port of Wilhelmshaven was opened by Chancellor Olaf Scholz at a ceremony on board a specialist vessel known as an FSRU, named the Hoegh Esperanza...
...Germany plans to open four more government-funded LNG terminals over the next few months as well as a private terminal in the port of Lubmin.
Together, the terminals could deliver 30 billion cubic metres of gas a year from next year, or a third of Germany’s total gas needs — if Berlin can find enough LNG to service them...
Until now, Germany had no LNG terminals and relied on cheap gas delivered through pipelines from Russia for 55 percent of its supply.
But since Russia’s invasion of Ukraine, gas supplies to Germany have been throttled and Berlin has been forced to rely on LNG processed by Belgian, French and Dutch ports, paying a premium for transport costs.
The government decided to invest in building its own LNG terminals as quickly as possible and has spent billions of euros (dollars) on hiring FSRUs to service them.
However, Germany has not yet signed a single major long-term contract to begin filling the terminals from January...
...A contract has been signed with Qatar for LNG to supply the Wilhelmshaven terminal but deliveries are not set to begin until 2026.
Suppliers want long-term contracts, while the German government is not keen to be locked into multi-year gas deals as it wants the country to become climate-neutral by 2045...
...Germany could initially be forced to buy LNG from the expensive spot markets, which would lead to higher prices for consumers.
The market could also be squeezed next year by renewed demand in China as it emerges from strict Covid-19 curbs, Andreas Schroeder, an expert at the ICIS energy research institute, told AFP.”
That Joe, he’s such a pal.
My propane went from $ 700 for my last refill to $1000
this next one.
You can tell I’m overjoyed...
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