Europe’s ‘bet on the weather’ proves risky; Poten & Partners warn
Europe is entering winter with gas storage at its lowest level in 15 years, forcing buyers to gamble on mild weather. “Time has run out in terms of expecting Qatari volumes, since most European customers have received force majeure volumes until the end of the year,” Poten & Partners Finance Advisor Melanie Lovatt said.
European LNG demand could fall by 17 mtpa in 2026 – Poten
Most European LNG buyers are expected to import less than anticipated due to higher prices and tighter markets, with Poten & Partners estimating around 17 mtpa of demand destruction this year, particularly in Italy and Belgium.
Sembcorp signs 10-year LNG import contract with Chevron
Sembcorp Industries has entered a Sale and Purchase Agreement (SPA) with Chevron to import up to 0.6 million tons of LNG per annum over ten years, starting from 2028. Sembcorp has two gas-fired cogeneration plants, producing 1,219 MW of electricity and 1,000 tonnes of steam per hour on Jurong Island, where a hydrogen-ready plant is also under development.
