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Europe imported record amounts of liquefied natural gas in 2022

Europe’s (the European Union and the United Kingdom) liquefied natural gas (LNG) imports set an all-time historical record in April 2022, averaging 16.5 billion cubic feet per day (Bcf/d) monthly and exceeding 19.0 Bcf/d on some days in April. Europe’s LNG imports increased in 2022 because natural gas storage inventories were at historically low levels from fall 2021 through spring 2022. Traditional sources of natural gas (and some substitute fuels) delivered by pipeline have not been meeting Europe’s energy needs, and spot natural gas prices at major European hubs have generally been higher than spot prices in other markets. The higher spot prices in Europe have resulted in more imports from suppliers with destination flexibility in their contracts, particularly from the United States.

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Published 23 November 2022