Despite high levels of gas stocks and reduced gas consumption and imports, Europe's biggest economy, Germany, is not out of the woods in terms of gas shortages
LNG demand in Asia and Europe is beginning to rise ahead of the peak winter season amid a calmer market compared to last year’s chaos and record-high prices. But neither Europe nor Asia should be complacent about winter gas supply as winter weather, delivery disruptions, and geopolitical tensions could upend the LNG market once again and send prices soaring. Last week, spot LNG prices in Asia for November delivery slumped by 10% week-on-week to $13.
Security of gas deliveries to Europe comes into focus just as supply from the eastern Mediterranean could be in jeopardy after the Hamas attack on Israel and the possibility of further escalating tensions in the Middle East and eastern Mediterranean. Adding to supply concerns is the renewed threat of strikes at Chevron’s two LNG export terminals in Australia, Gorgon and Wheatstone, which account for around 7% of global LNG supply, although analysts don’t expect any supply disruptions for now.
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