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

A project financed by the EBRD and supported by international grants aims to install 100 MW of decentralized energy capacity in Ukraine, responding to the damage caused by Russian attacks on the national electricity grid.
Argus Media revolutionizes the energy market by launching daily price indices for Greek natural gas, providing unprecedented transparency in a context of growing volatility in Europe.
Argus Media revolutionizes the energy market by launching daily price indices for Greek natural gas, providing unprecedented transparency in a context of growing volatility in Europe.
Egypt is turning to fuel oil to meet its energy needs as liquefied natural gas (LNG) prices remain high. This optimization strategy reflects changes in domestic demand and global economic constraints.
Egypt is turning to fuel oil to meet its energy needs as liquefied natural gas (LNG) prices remain high. This optimization strategy reflects changes in domestic demand and global economic constraints.
Facing high gas demand and insufficient renewable production, Spain increases its French imports and storage withdrawals while competing with the UK for LNG shipments.
Facing high gas demand and insufficient renewable production, Spain increases its French imports and storage withdrawals while competing with the UK for LNG shipments.
Faced with rising natural gas demand in Missouri and Kansas, Southern Star plans to build a 6,091-horsepower compression station to improve its transport capacity, addressing the needs of local markets and public utilities.
Lithuania has finalized the purchase of a floating liquefied natural gas (LNG) terminal, named Independence, marking a decisive step in its strategy to reduce its historical dependence on Russian gas.
Lithuania has finalized the purchase of a floating liquefied natural gas (LNG) terminal, named Independence, marking a decisive step in its strategy to reduce its historical dependence on Russian gas.
In November, Europe received more than half of U.S. LNG shipments, a strategic shift driven by winter needs and the competitiveness of American volumes in a challenging global energy landscape.
In November, Europe received more than half of U.S. LNG shipments, a strategic shift driven by winter needs and the competitiveness of American volumes in a challenging global energy landscape.
In November, Norwegian pipeline gas deliveries to Northwest Europe rose by 2% compared to October, reaching 9.8 billion cubic meters, while remaining slightly below last year’s levels.
In November, Norwegian pipeline gas deliveries to Northwest Europe rose by 2% compared to October, reaching 9.8 billion cubic meters, while remaining slightly below last year’s levels.
Sonatrach is investing $2.3 billion to optimize the Hassi R'Mel gas field, aiming to sustain natural gas production and strengthen Algeria's energy position in Africa and Europe.
Despite traces of gas identified at the Anchois-3 well, Energen announces the suspension of the offshore project in Morocco. The decision stems from low economic profitability, impacting the country's energy ambitions.
Despite traces of gas identified at the Anchois-3 well, Energen announces the suspension of the offshore project in Morocco. The decision stems from low economic profitability, impacting the country's energy ambitions.
The Nigeria-Morocco gas pipeline project progresses with tenders planned for 2025. This strategic project aims to strengthen economic integration and energy supply in Africa and Europe.
The Nigeria-Morocco gas pipeline project progresses with tenders planned for 2025. This strategic project aims to strengthen economic integration and energy supply in Africa and Europe.
Argentina plans an auction to increase gas transportation capacity from Vaca Muerta. This $700 million project aims to reduce costly energy imports during winter.
Argentina plans an auction to increase gas transportation capacity from Vaca Muerta. This $700 million project aims to reduce costly energy imports during winter.
A Wood Mackenzie study reveals that U.S. liquefied natural gas (LNG) could play a strategic role in meeting Asia's energy demands, countering coal growth, and maintaining the economic competitiveness of emerging economies.
Summit Midstream Corporation announces the completion of the acquisition of Tall Oak Midstream for $155 million, strengthening its presence in the gas sector and balancing its energy portfolio.
Summit Midstream Corporation announces the completion of the acquisition of Tall Oak Midstream for $155 million, strengthening its presence in the gas sector and balancing its energy portfolio.
Russia and China complete the "Power of Siberia" gas pipeline six months ahead of schedule. This strategic infrastructure, designed to transport 38 billion cubic meters per year, is reshaping Eurasian energy and economic dynamics.
Russia and China complete the "Power of Siberia" gas pipeline six months ahead of schedule. This strategic infrastructure, designed to transport 38 billion cubic meters per year, is reshaping Eurasian energy and economic dynamics.
Qatar will supply China with 3 million tons of liquefied natural gas annually starting in 2025, under a long-term agreement with Shell, reinforcing its position in the Asian and global LNG market.
Qatar will supply China with 3 million tons of liquefied natural gas annually starting in 2025, under a long-term agreement with Shell, reinforcing its position in the Asian and global LNG market.
Gazprom sets its 2025 investment budget at 1.52 trillion rubles, marking a notable reduction. The focus remains on China with the expansion of the "Power of Siberia" pipeline to meet growing demand.
Brazil turns to Argentina to diversify its energy sources. A new transit agreement with Bolivia paves the way for gas imports from the Vaca Muerta basin, strengthening the country’s energy security.
Brazil turns to Argentina to diversify its energy sources. A new transit agreement with Bolivia paves the way for gas imports from the Vaca Muerta basin, strengthening the country’s energy security.
Japan increases liquefied petroleum gas (LPG) imports for winter, while South Korea and China resell their surplus on the Asian market.
Japan increases liquefied petroleum gas (LPG) imports for winter, while South Korea and China resell their surplus on the Asian market.
Elengy, a leading French LNG terminal operator, has implemented measures to comply with European sanctions banning the transshipment of Russian LNG starting March 2025.
Elengy, a leading French LNG terminal operator, has implemented measures to comply with European sanctions banning the transshipment of Russian LNG starting March 2025.
A controversial draft law on gas plant security is causing divisions among Germany's main energy associations. Between political uncertainties and technological challenges, the country's energy future remains unclear.
A world first: Barcelona leverages residual cold from an LNG terminal to generate 131 GWh of low-carbon energy annually, reducing 32,000 tons of CO2 emissions while strengthening its energy competitiveness.
A world first: Barcelona leverages residual cold from an LNG terminal to generate 131 GWh of low-carbon energy annually, reducing 32,000 tons of CO2 emissions while strengthening its energy competitiveness.
Venture Global has initiated LNG sales for early 2025 from the Plaquemines terminal, marking a key milestone in U.S. market expansion despite challenges at Calcasieu Pass.
Venture Global has initiated LNG sales for early 2025 from the Plaquemines terminal, marking a key milestone in U.S. market expansion despite challenges at Calcasieu Pass.
Following an unexpected outage due to a control system issue, Woodside Energy's Pluto LNG site is preparing for a safe resumption of operations, while the neighboring Karratha Gas Plant continues normal activities.
Following an unexpected outage due to a control system issue, Woodside Energy's Pluto LNG site is preparing for a safe resumption of operations, while the neighboring Karratha Gas Plant continues normal activities.

Advertising