Europe gas supply: 2020 in review

In 2020, Russia bore the brunt of reduced demand in the European market, with imports down more than 20 bcm, while LNG recorded a second consecutive year of record imports, with deliveries up slightly on 2019 and market share up as well. Other major piped suppliers, Norway and Algeria, both saw market shares up year-on-year. Low spot prices made LNG extremely competitive against piped gas, but eventually, meant supply had to shut-in, particularly in the US as Europe's TTF benchmark went below the US HH marker. A second consecutive year of high summer-winter price differentials, again gave an incentive for strong injections, with European gas storage playing a pivotal role in the global balance. Historical data on the European gas supply mix can be found in the excel download on the right hand side of the report page