Europe's LNG imports are expected to soar by 30% in November amid higher demand at the start of the heating season.
Amid expected higher demand at the start of the heating season, LNG imports into northwest Europe are expected to soar by 30% in November compared to October, Montel reported on Wednesday, citing preliminary estimates from LSEG. With winter heating demand kicking in, LNG imports are set to rise materially in November, although they would be lower than in the same month of 2022 when Europe was scrambling to get its hands on LNG cargoes to replace pipeline Russian gas.
Weather and weather forecasts from November onwards will be the driving force of LNG imports into Europe, and also the biggest unknowns for European gas consumption this winter. Europe has reduced its gas consumption over the past year, due to energy saving and to lower industrial demand due to high prices and demand destruction.
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