Global gas & LNG weekly summary: 15 Dec 2022

Prices fall despite first above-average European storage withdrawal and demand up to the 5-year average, as supply stays resilient and German terminals set to soon open TTF’s January contract was down this week, despite cold weather in Europe spurring an increase in demand leading to this season’s first weekly withdrawal above the 5-year average. However, prices remained tamed by resiliently high LNG send-out (91% max-observed) as well as increases in net piped imports from Russia via Ukraine, Norway, and North Africa. Germany’s first regas terminal, located at Wilhemshaven, will be starting up this weekend. The FSRU there will ultimately replace about a tenth of the country’s former gas imports from Russia. Two more terminals are due to begin operations next month.