LNG

July 15 (LNGJ) - Russian and Norwegian natural gas pipeline exports to Europe, the main competition to LNG, are continuing at high levels amid the lowest prices since 2004, according to International Monetary Fund data. Russian natural gas pipeline prices at the German border reached a record low of $3.99 per million British thermal units in May 2016, the lowest level since September 2004, and averaged $4.04/MMBtu in March-June. “Russian pipeline export prices are generally linked to the prices of crude oil and petroleum products with a lag of several months, and with declines in crude oil prices, natural gas prices have also declined. At the same time, spot prices at the European natural gas pricing benchmark National Balancing Point in the UK averaged $4.86 per MMBtu in June,” the report said.