EU faces winter tug of war with Asia as gas stores hit lowest for date since 2011
EU gas storage sites were 69.6% full on September 20, holding 74.32bn cubic metres, against 81.6% a year earlier, and the end-August reading was the lowest for the date since records began in 2011. Europe is competing with Asia for LNG cargoes, with the Japan-Korea Marker spot price at $25.82 per mmBtu on September 25 against about $24 for Europe's TTF benchmark. EU imports of Russian LNG fell to a multiyear low in August as Yamal cargoes sailed to Asia, while China imported 951,150 tonnes of Russian LNG in August, up 53% month on month.
Why it matters: The combination of record-low EU storage and the redirection of Russian LNG to Asia places energy security at the centre of the winter supply outlook.