Europe receiving more gas from US boats than Russia send by pipeline – Markets Insider

  • The US is now sending more gas to Europe by ship than Russia is sending by pipeline, per the Wall Street Journal. 
  • In July, US liquefied natural gas accounted for 13% of total supply to Europe, compared to 10% from Russian pipelines. 
  • Conflict in Ukraine shows no signs of easing, and the US has stepped in to help the EU amid a historic energy crisis.

Russia’s invasion of Ukraine has redirected energy deliveries around the world, and one result has been that the US is now sending more gas to Europe by boat than Russia is by pipeline, ICIS data shows, according to the Wall Street Journal.

Since 1967, Gazprom’s pipelines in West Siberia and the Yamal peninsula have delivered huge amounts of gas to Europe but that precedent has been turned on its head in recent months.

In July, US liquefied natural gas accounted for 13% of total supply to Europe, compared to 10% from Russian pipelines. Pipelines from Norway were the top source of gas to the continent, while other sources include North African pipelines and Qatar liquefied natural gas supplies, as well as domestic production. 

Over the last six months, European wholesale gas prices have tripled as Moscow continues to tighten natural gas flows. State-run Gazprom, citing technical issues, cut Nord Stream 1 natural gas deliveries to Germany to 20% down from 40%.

The European Commission said that 12 member states are enduring severely reduced flows and a handful of nations have been entirely cut off. Just this week, Gazprom halted natural gas deliveries to Latvia. 

Now, the continent has turned to importing more Russian diesel amid its struggle to wean off other energy supplies from the country. Imports of Russian diesel are up 23% from a year ago, Vortexa data shows.

With conflict in Ukraine showing no signs of easing and the EU facing a historical energy crisis, the US has stepped in as an emergency energy supplier. 

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Europe receiving more gas from US boats than Russia send by pipeline – Markets Insider

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