EIA: Global Natural Gas Market Well Supplied for Winter

SEATTLE (Oil Monster): The likelihood that global gas supply is sufficient to meet demand in the 2023–24 winter season from November to March has improved, according to the latest analysis report by the U.S. Energy Information Administration (EIA). This is mainly on account of relatively full natural gas inventories in the U.S. and Europe and expanded global LNG export/import capacity.

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According to EIA, the expanded global LNG export and import capacity will make more natural gas available this winter season. The additional and returning LNG capacity is estimated at approximately 4.0 billion cubic feet per day (Bcf/d) during the season. The global LNG import capacity has expanded by 13% so far this year. More import projects are expected to become online in Germany and China this winter. The LNG export capacity has witnessed significant boost with the Freeport LNG returning to service.

Europe’s natural gas storage inventories are almost full at the start of the withdrawal season. According to data provided by the Aggregated Gas Storage Inventory, Europe has 99% of the capacity stored as of 31^st October, 2023. This volume represents 65 days of natural gas consumption at peak five-year winter usage rates and 84 days of natural gas consumption as per previous year consumption levels.