Russia halted supply to Vienna-based energy company OMV over contractual dispute in mid-November, but overall gas exports to Austria have remained stable as other companies have stepped up their purchases.
Europe has stepped up imports of liquefied natural gas in recent weeks, especially LNG from the United States, where the benchmark gas prices at Henry Hub are significantly lower compared to the European benchmark, the Dutch TTF Natural Gas Futures.
The only silver lining is that EU gas storage is pretty much full for the winter, and meteorologists are predicting a mild one.
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November normally marks the start of the heating season proper in most of Europe. This year has been no exception—and gas demand is set to surge in the final months of the year to make up for lost solar and likely wind generation.
For the first time in ten months, Europe’s imports of liquefied natural gas rose in October from the previous month as it moved to fill its gas storage sites for the winter in which the transit deal for Russian pipeline gas flows via Ukraine expires.
Eni SPA and the State Oil Company of the Azerbaijan Republic (SOCAR) agreed to cooperate on emission reduction projects in the COP29 host country at the same time pursuing hydrocarbon exploration and production to secure fuel for Europe.
Norway produced 122.9 million cubic meters (4.3 billion cubic feet) of oil equivalent in the first half (H1) of 2024, up 6.2 MMcm (219 MMcf) compared to the same period last year as natural gas output kept growing year-on-year in the six months running.
Despite cutting off most European customers from its pipeline natural gas supply, Russia still sends nearly the same volumes of gas to Europe via pipelines as it does to its key new energy market China, according to Bloomberg calculations based on gas flows.
The first shipments of Senegalese crude oil from the Sangomar project are on their way to refineries in the Netherlands and Germany, marking a new era for the Senegalese economy.