While Europe has enough natural gas to get through this winter, it will have to import even more LNG next year to survive the 2023/2024 winter.
- Jan 09, 2023, 9:00 AM CST
LNG demand from Asia, particularly from China, was abnormally low this year but competition is expected to be more aggressive next year. Europe imported nearly one-quarter of all LNG traded last year, becoming the premium market for liquefied natural gas as it seeks to replace Russian pipeline gas supply.
Last year, Europe won that competition, as European benchmark prices surged after Russia started cutting off pipeline supplies to most of its customers to the west. The question for 2023 and beyond is whether Europe will continue to beat Asia for LNG supply once Asian demand starts to recover.
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