popular articles

Norwegian Gas Exports to Europe Rebound in October, but the Market Remains Vulnerable

After a drop due to maintenance in September, Norwegian gas exports to Northwest Europe increased by 49% in October, a sign of sustained demand despite an uncertain market.

Please share:

Norway’s natural gas exports to Northwest Europe rebounded significantly in October following a marked decrease in September due to a heavy maintenance schedule. According to data analyzed by S&P Global Commodity Insights, Norwegian pipeline gas deliveries reached 9.56 billion cubic meters (Bcm) in October, compared to just 6.4 Bcm in the previous month, an increase of nearly 49%. This recovery also surpasses exports achieved during the same period last year by 5% and exceeds the five-year average for October, which stands at 9.38 Bcm.

Sustained Production to Compensate for Reduced Russian Volumes

Since the sharp reduction of Russian gas supplies in 2022, Norway has become the primary gas supplier to the European market. Norwegian producers have ramped up production and optimized exports to compensate for the drop in Russian volumes and take advantage of historically high prices, particularly during the summer of 2022, when prices peaked.

In 2023, cumulative pipeline gas exports for the January to October period totaled 93.2 Bcm, up 10% from the previous year. This volume is close to the level recorded during the same period in 2022, at 93.7 Bcm, a year considered a production peak for Norway according to the Norwegian Petroleum Directorate.

European Gas Prices and Winter Outlook

Despite high storage levels in Europe ahead of winter, gas prices remain sensitive. On November 5, the gas price on the TTF market for next month’s deliveries stood at €40.37/MWh, reflecting persistent volatility. Equinor’s Chief Financial Officer, Torgrim Reitan, noted that current prices reflect the ongoing “vulnerability” of the markets, exacerbated by a series of external factors, including Asian LNG demand and uncertainty surrounding the expiration of the Russia-Ukraine gas transit deal scheduled for the end of the year.

Reitan also highlighted the importance of weather conditions this winter. A normal winter season could reduce European gas storage levels to around 40% by next April, compared to 60% in April of this year, a difference that could impact prices throughout the winter period.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Thanks to significant gas projects, Guyana and Suriname could supply up to 12 million tonnes of LNG per year by the next decade, offering a competitive alternative in the global market.
Adnoc signs a historic agreement with SEFE to secure Germany's LNG supply
Adnoc signs a historic agreement with SEFE to secure Germany's LNG supply
The new Northern Natural Gas Pipeline connects shale gas resources from Neuquén to northern Argentina, aiming to reduce imports and open up export opportunities.
The new Northern Natural Gas Pipeline connects shale gas resources from Neuquén to northern Argentina, aiming to reduce imports and open up export opportunities.
Senegal is poised for an energy milestone with the final investment decision (FID) for the Yakaar-Teranga gas project expected in the first quarter of 2025.
Senegal is poised for an energy milestone with the final investment decision (FID) for the Yakaar-Teranga gas project expected in the first quarter of 2025.
The White House calls on an appeals court to suspend the obligation to lift the moratorium on liquefied natural gas (LNG) export permits imposed by a Louisiana court.
Algeria strengthens its position in the European energy market with a new agreement between Sonatrach and ČEZ Distribuce for the supply of natural gas, meeting the Czech Republic's growing demand for energy diversification.
Algeria strengthens its position in the European energy market with a new agreement between Sonatrach and ČEZ Distribuce for the supply of natural gas, meeting the Czech Republic's growing demand for energy diversification.
TotalEnergies signs a deal to supply 2 million tons of LNG to Sinopec over 15 years
TotalEnergies signs a deal to supply 2 million tons of LNG to Sinopec over 15 years
Record Volumes for LNG Futures in October on ICE
Record Volumes for LNG Futures in October on ICE
Gas consumption in Germany falls for the second consecutive year
EU’s Energy Security Strengthened: Gas Storage Surpasses Targets Before Winter
EU’s Energy Security Strengthened: Gas Storage Surpasses Targets Before Winter
The EU Invests in a New Gas Corridor to Secure LNG Supply from the U.S.
The EU Invests in a New Gas Corridor to Secure LNG Supply from the U.S.
Liquefied natural gas (LNG) prices in the Eastern Mediterranean are falling, impacted by weak European demand and reduced shipping costs while gas reserves remain high.
Liquefied natural gas (LNG) prices in the Eastern Mediterranean are falling, impacted by weak European demand and reduced shipping costs while gas reserves remain high.
Finnish court orders the seizure of Russian assets in response to a request by the Ukrainian company Naftogaz, as part of enforcing a $5 billion arbitration award for losses in Crimea.
As India's demand for natural gas surges rapidly, domestic production remains insufficient, pushing the country to increase its reliance on imports to secure its energy future.
As India's demand for natural gas surges rapidly, domestic production remains insufficient, pushing the country to increase its reliance on imports to secure its energy future.
Baker Hughes will supply Petrobras with 77 km of flexible pipes to develop oil and gas reserves in the Santos Basin, a strategic area off Brazil's coast. This partnership strengthens Brazil's energy autonomy.
Baker Hughes will supply Petrobras with 77 km of flexible pipes to develop oil and gas reserves in the Santos Basin, a strategic area off Brazil's coast. This partnership strengthens Brazil's energy autonomy.
Kuwait is committed to reducing greenhouse gas emissions and achieving carbon neutrality by 2050. The plan integrates an increase in liquefied natural gas (LNG) imports, an extensive carbon capture project, and the development of electric vehicle infrastructure.
Kuwait is committed to reducing greenhouse gas emissions and achieving carbon neutrality by 2050. The plan integrates an increase in liquefied natural gas (LNG) imports, an extensive carbon capture project, and the development of electric vehicle infrastructure.
With increasing sanctions against Russian LNG, an evasion ecosystem is emerging in various global hubs, fostering transactions in local currencies and a parallel trade network.
Ukraine on the Verge of Winter: Insufficient Gas Reserves Face Consumption Challenges
Ukraine on the Verge of Winter: Insufficient Gas Reserves Face Consumption Challenges
Turkmenistan is intensifying efforts to extinguish the burning Darvaza crater, a major source of methane emissions for 50 years, strengthening its environmental policy against climate change.
Turkmenistan is intensifying efforts to extinguish the burning Darvaza crater, a major source of methane emissions for 50 years, strengthening its environmental policy against climate change.
GTT's revenue reached 465 million euros in the first nine months of 2024, up 54.9%. This growth is driven by strong LNG demand, fueling orders for LNG carriers to meet global needs.
GTT's revenue reached 465 million euros in the first nine months of 2024, up 54.9%. This growth is driven by strong LNG demand, fueling orders for LNG carriers to meet global needs.
Shell Energy acquires a 609 MW combined-cycle power plant in the ISO New England energy market, further strengthening its position in the U.S. gas and electricity sector.
Germany's SEFE has concluded a gas purchase deal with U.S. company ConocoPhillips for the delivery of 9 billion cubic meters of gas over 10 years, as part of a new business partnership.
Germany's SEFE has concluded a gas purchase deal with U.S. company ConocoPhillips for the delivery of 9 billion cubic meters of gas over 10 years, as part of a new business partnership.
France assures it has the necessary infrastructures to meet its gas needs this winter while supporting its European neighbors, despite potential drops in temperatures.
France assures it has the necessary infrastructures to meet its gas needs this winter while supporting its European neighbors, despite potential drops in temperatures.
Singapore launches a new liquefied natural gas (LNG) terminal of 5 million tons per year at Jurong Port. This floating facility enhances flexibility and strengthens the country's energy supply.
Singapore launches a new liquefied natural gas (LNG) terminal of 5 million tons per year at Jurong Port. This floating facility enhances flexibility and strengthens the country's energy supply.

Advertising