LNG data Q2 ‘24: Europe’s demand weakens, supply suffers unplanned outages

LNG supply declined by 1.89 mt (-1.9%) year on year in the second quarter of 2024, taking the outcome for the first six months of the year to an increase of 0.37 mt. However, the decline in Europe’s LNG demand, which started in Q3 ’23, continued during Q2 ‘24, with imports falling by 8.33 mt (26%). Over the first six months of 2024, Europe’s LNG imports declined by 12.68 mt (19.3%), while Asia’s increased by 11.19 mt (8.7%). It left the LNG market in balance with spot prices in Asia and Europe moving in a relatively narrow range over the first six months of the year.