Natural gas storage levels have been lower in Europe this year compared with 2024, without the usual rush to stockpile the fuel before the upcoming winter period as lower Asian imports create breathing room for European traders and governments.
With little or no arbitrage between European and Asian gas prices, Europe continues to be the biggest destination for US LNG exports with 6.16 million tonnes, or 66 per cent of the total. That’s up from 5.25 million tonnes, or 58 per cent, sold to the continent in July, LSEG ship tracking data showed.
European gas prices fell in August to $11.13 per million British thermal units (mmBtu) at the Dutch Title Transfer Facility (TTF), down from $11.56 per mmBtu in July, according to LSEG data. In August, gas prices were also lower in Asia, as the benchmark Japan Korea Marker fell to $11.63 per mmBtu from $12.18 per mmBtu in July, LSEG data showed.
Exports to Asia declined slightly during August to 1.47 million tonnes, down from 1.8 million tonnes in July, according to LSEG data.