This report provides an overview of current trends in the European LNG market, describes the status of the European LNG landscape in 2021, and looks at current activities in individual LNG-importing countries in Europe.
CURRENT TRENDS IN THE EUROPEAN LNG MARKET
In our LNG in Europe Report 2020 (published in October 2020), we commented on the significant impact that the COVID-19 pandemic had on the LNG sector in Europe (and worldwide). In the early months of the pandemic Europe actually imported more LNG than normal as it absorbed cargos which were diverted from Asian markets in lockdown, but by June 2020 European imports had slowed down significantly – European gas prices hit record lows of Euros 1/MMBtu and LNG demand in Europe crumbled. At the time we were confident that LNG would have a resurgence in Europe, but we didn’t know when or at what pace.