LNG Market Still Under Risk Of Return To 2022 Conditions: IGU

The prices of Liquified Natural Gas (LNG) have eased from the record high after Russia invaded Ukraine. But the risk of a return to 2022 market condition remains high, the International Gas Union (IGU) said in a report.

The European Union remains strongly reliant on the spot market to secure LNG supplies, with about 70% of its 2022 imports sourced through spot buying 2022, the IGU said in its World LNG Report published on Wednesday. It said this would increase the volatility of European gas prices. 

Buying LNG to replace curtailed Russian flows helped Europe weather the first winter of the Ukraine conflict, with the continent importing 66% more LNG in 2022 than the previous year.

Spot LNG prices hit a record of $70.50 per million British thermal units (mmBtu) in 2022 but have dropped nearly 83% since then. “Prices eased in 2023, but the level of risk and uncertainty remained high; the market is still out of balance, and the crisis isn’t over yet”, Li Yalan, the President of IGU said.

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Source URL: https://www.reuters.com/business/energy/lng-market-still-faces-elevated-risk-return-2022-conditions-igu-says-2023-07-12/

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