RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2020-05-06 12:00:00

NORWAY'S GAS TO EUROPE DOWN

NORWAY'S GAS TO EUROPE DOWN

PLATTS - 05 May 2020 - Norway's pipeline gas supplies to Europe fell sharply in April to a six-month low, with flows totaling just 8.1 Bcm, data from S&P Global Platts Analytics showed Tuesday.

Deliveries to the UK and Continental Europe averaged 270 million cu m/d last month, down on the 305 million cu m/d average in March.

That was despite very few unplanned outages and the deferral of some asset maintenance, with commercial turndown seen as the reason for the fall given record low European gas prices.

The supplies were the lowest since October last year when Norway delivered just 7.39 Bcm to the UK and Continental Europe.

State-controlled Equinor is due to publish its first-quarter results on Thursday and could give an update on its "value over volume" strategy which sees the company defer production from its flexible fields -- Troll and Oseberg -- at times of low prices.

Norway has also announced it would cut oil production by 250,000 b/d in June and 134,000 b/d through the second half of the year in support of efforts by OPEC and other producing countries to rebalance the oil market.

However, the ministry said gas and condensate fields would not be impacted. "The cut will not affect Norwegian gas production or Norwegian gas exports," energy minister Tina Bru said.

Instead, the outlook for Norwegian gas in the coming months will be defined more by European gas market dynamics with day-ahead prices in northwestern Europe still trading around the $1.75/MMBtu mark.

Equinor said in February it could supply Europe at a total cost of "well below $2/MMBtu."

But the continued low prompt prices are likely to have triggered NCS commercial turndown in April, with supplies running 35 million cu m/d down on March.

UK slump

The UK in particular saw its Norwegian flows curtailed in April as the NBP day-ahead price dropped well below prices in the rest of northern Europe.

The NBP day-ahead price fell as low as $1.14/MMBtu on April 22, according to S&P Global Platts price assessments.

Norwegian gas flows to the UK slid to just 0.95 Bcm in April, compared to 2.69 Bcm in March and 1.78 Bcm in April 2019.

Supplies to the UK were the lowest since September last year when significant maintenance activity on the NCS and commercial turndown saw deliveries of Norwegian gas to the UK drop to levels not seen since 2011.

Norwegian exports to Germany remained high, meanwhile, at 3.17 Bcm last month, having hit their highest level since early 2016 in January.

At the same time, flows to the Netherlands recovered in April from their early 2020 lows, reaching 1.28 Bcm.

Exports to France rose by 14% to 1.51 Bcm, while supplies to Belgium were 1.19 Bcm, up 7%.

-----

Tags: NORWAY, GAS, EUROPE
Chronicle:
NORWAY'S GAS TO EUROPE DOWN
2022, May, 27, 12:14:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
NORWAY'S GAS TO EUROPE DOWN
2022, May, 27, 12:13:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
NORWAY'S GAS TO EUROPE DOWN
2022, May, 27, 12:10:00
ЭНЕРГОРЕСУРСЫ ДЛЯ ЕАЭС
Николай Шульгинов подчеркнул, что для обеспечения энергетической безопасности энергосистем Центральной Азии необходима совместная разработка мер нормативного, организационного и технического характера.
NORWAY'S GAS TO EUROPE DOWN
2022, May, 27, 12:05:00
UAE, INDIA ENERGY COOPERATION
The UAE’s expanded cooperation with India in the area of climate aims to support India’s ambition to achieve 450 gigawatts (GW) of renewable energy installed capacity by 2030 and aligns with the UAE’s ambitions to expand its low and zero-carbon energy capabilities.
NORWAY'S GAS TO EUROPE DOWN
2022, May, 27, 12:00:00
U.S. OIL INVENTORIES DOWN BY 1.0 MB TO 419.8 MB
U.S. commercial crude oil inventories decreased by 1.0 million barrels to 419.8 million barrels.
NORWAY'S GAS TO EUROPE DOWN
2022, May, 26, 12:40:00
OIL PRICE: BRENT ABOVE $114, WTI NEAR $111
Brent gained 47 cents, or 0.41%, to $114.50 a barrel , WTI climbed 53 cents, or 0.48%, to $110.86 a barrel.
NORWAY'S GAS TO EUROPE DOWN
2022, May, 26, 12:35:00
ВЗАИМОДЕЙСТВИЕ РОССИИ, ИРАНА
Важную роль в развитии двусторонних отношений играют флагманские проекты сотрудничества, продолжил вице-премьер, такие как строительство атомной электростанции «Бушер» и теплоэлектростанции «Сирик».
All Publications »