GECF: global LNG imports down in November

In November, global LNG imports decreased by 1.20 Mt y-o-y to 34 Mt, Doha-based GECF said.

GECF said this represents the weakest level of LNG imports for the month since 2021.

This decline is largely attributed to a significant reduction in floating LNG cargoes during October 2024 compared to the previous year.

In October 2023, a steep contango in LNG prices led to a high number of floating cargoes, a trend that was less pronounced in 2024.

As a result, LNG imports saw a sharp increase in October 2024, followed by a subsequent decline in November, GECF said.

According to GECF, the overall decrease in global LNG imports was driven by a notable drop in Europe, while the Asia Pacific region recorded a modest increase.

For the period January to November 2024, global LNG imports rose by 1.5 percent (5.58 Mt) y-o-y, reaching 374.01 Mt driven mainly by higher imports in the Asia Pacific, which offset a sharp decline in Europe.

GECF said global LNG imports are on track to grow by 2 percent in 2024.

European LNG imports continue to decrease

In November 2024, despite an increase in its gas consumption, Europe’s LNG imports fell for the 17th straight month, decreasing by 14 percent (1.47 Mt) y-o-y to 9.09 Mt, GECF said.

The decrease was primarily driven by a substantial price gap between spot LNG prices in Asia Pacific and Europe throughout most of the month.

The decline was particularly evident in Belgium, France, Italy, Spain, and the UK, while Türkiye experienced a significant increase, GECF said.

Stronger gas storage withdrawals mainly compensated for the drop in LNG imports.

GECF noted that Belgium switched from being a net pipeline gas exporter to the Netherlands to a net importer, driven by reduced LNG imports.

In France, the decline in LNG imports led to lower pipeline gas exports to Germany and Switzerland.

Italy offset its drop in LNG imports with increased pipeline gas imports from Algeria, GECF said.

Similarly, Spain compensated for its reduced LNG imports with stronger pipeline supplies from Algeria, France, and Portugal.

Despite the UK experiencing a decrease in LNG imports, its November imports reached their highest level since February 2024, GECF said.

Meanwhile, Türkiye’s rise in LNG imports was fuelled by a surge in imports from the US.

From January to November 2024, LNG imports in Europe dropped by 20 percent (22 Mt) to reach 90.21 Mt, GECF said.

Asia Pacific LNG imports slightly up

In November 2024, LNG imports in Asia Pacific increased slightly by 0.2 percent (0.04 Mt) y-o-y to 22.94 Mt, which is the weakest LNG imports since June 2024, GECF said.

According to GECF, the small increase in LNG imports was mainly attributed to tight LNG supplies during the month.

Bangladesh, India, and Taiwan recorded significant increases in LNG imports, offsetting lower imports in China and Thailand.

GECF said Bangladesh’s LNG imports increased due to stronger spot LNG demand driven by higher gas demand for electricity generation and declining domestic gas production.

Similarly, India’s LNG imports rose, supported by growing gas demand and reduced domestic production.

In Taiwan, higher gas demand for electricity generation contributed to the increase in LNG imports.

Conversely, China’s LNG imports declined due to high gas and LNG storage levels, stronger pipeline gas imports, and increased domestic production.

In Thailand, the reduction in LNG imports primarily came from lower imports from Malaysia, Mozambique, and Qatar, GECF said.

For the period January to November 2024, Asia Pacific’s LNG imports grew by 9.4 percent (22.25 Mt) y-o-y to 258.38 Mt, it said.

Latin America and MENA

In November, LNG imports in the Latin America & the Caribbean region stood at 1.28 Mt, representing an increase of 2.2 percent (0.03 Mt) y-o-y, GECF said.

The uptick in LNG imports came mainly from Jamaica and Puerto Rico, which offset weaker imports in the US Virgin Islands.

GECF said Jamaica’s LNG imports rose, supported by stronger supplies from Mexico and Nigeria, while Puerto Rico saw an increase in imports from Trinidad and Tobago.

Conversely, the decline in LNG imports to the USVI was primarily attributed to lower imports from Trinidad and Tobago.

For the period January to November 2024, LNG imports in the LAC region jumped by 18 percent (2.12 Mt) y-o-y to reach 14.02 Mt, GECF said.

In November, LNG imports in the MENA region continued to expand, increasing by 43 percent (0.20 Mt) to reach 0.68 Mt, GECF said.

Egypt led the rise in the region’s LNG imports, compensating for a decline in Kuwait.

GECF said Egypt’s higher LNG imports were driven by reduced domestic gas production, while Kuwait’s decline was primarily due to lower imports from Oman and Russia.

For the period January to November, LNG imports in the MENA region rose by 47 percent (3.39 Mt) y-o-y to 10.63 Mt, GECF said.

LNG exports up 3 percent

GECF said that global LNG exports rose significantly by 3 percent y-o-y (1.04 Mt) to reach
35.69 Mt in November, marking a record high for the month.

The increase was primarily driven by GECF member countries.

Non-GECF countries maintained the largest share of global LNG exports at 51.9 percent, though this was a slight decrease from 53 percent in November 2023.

In contrast, GECF members’ share grew from 45.3 percent to 46.9 percent, while LNG re-exports dropped from 1.7 percent to 1.3 percent over the same period, GECF said.

The top three LNG exporters in November 2024 were the US, Australia, and Qatar.

For the period January to November 2024, global LNG exports increased by 1.4 percent y-o-y (5.17 Mt), reaching 376.28 Mt.

GECF said this growth was supported by stronger exports from both GECF and non-GECF countries, which offset a decline in LNG re-exports.