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Europe Is Ready for a Winter Without Russian Gas, BNEF Says

  • Asia to get very little LNG as European demand pulls cargoes
  • Cold weather could force North Asia buyers back into market
Bloomberg business news
Europe Has to Pray for a Warm Winter: Blanch
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Europe’s frenzied buying of liquefied natural gas means it’s likely to have enough of the power-generation fuel this winter to offset supplies from Russia, according to BloombergNEF.

The region may import almost 40% more LNG during the coming winter than in the prior year, while it may increase purchases next summer by about 14% to rebuild lost inventories, BNEF said in a report published Tuesday. Along with demand destruction from higher energy prices, those shipments are enough to cover a complete halt in Russian pipeline flows from Oct. 1, it said.