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France loses eight August LNG deliveries on diversions
France loses eight August LNG deliveries on diversions
London, 21 July (Argus) — French terminal operator Elengy removed eight LNG cargoes from its August schedule over the past day, likely because Asian firms outbid European buyers for prompt supply. France was scheduled to receive 34 cargoes in August as of 20 July, but this fell to 26 by Tuesday morning, terminal operators Fluxys and Elengy's data show. The Montoir facility lost five scheduled deliveries, while Fos Cavaou lost three. Firms likely diverted cargoes to higher-priced markets such as northeast Asia, despite a tighter Peg-TTF August basis market improving the relative attractiveness of delivering LNG to France. The Peg August contract closed at a €0.15/MWh discount to the TTF on Monday, narrowing sharply from a €0.675/MWh discount on 1 July. The northwest Europe delivered price for August expired at a $0.048/mn Btu discount to the Peg on 15 July, while the price for deliveries in the second half of August closed at a $0.09/mn Btu discount to the Peg August contract on Monday. Fluxys — operator of the Dunkirk terminal — added a cargo to its August schedule on 20 July. France received 24 LNG cargoes in August on average in 2023-25, below the current schedule. Fluxys removed two July cargoes from its schedule on Tuesday, reducing total expected deliveries by the end of the month to 13. This would be the lowest for any month since January 2021. In mid-June, 33 cargoes had been scheduled to be delivered to France. This drop reflects the northwest Europe LNG delivery price for July trading at parity with or at a premium to the corresponding French Peg price for much of June, making all deliveries to France unprofitable even before factoring in regasification and entry grid costs. By Maxim Krukov Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
German gas storage sites hit 45pc fill level
German gas storage sites hit 45pc fill level
London, 20 July (Argus) — German gas storage sites reached a 45pc fill level last week, but slow net injections have stalled the country's stockbuild as tight price differentials diverted supply away from Germany. Net injections averaged 461 GWh/d on 11-17 July, broadly unchanged on the week but well below the three-year average of 680 GWh/d for the period. Combined German storage sites held 112TWh as of Sunday morning, a 45pc fill level, below the 2023-25 average of 189TWh, GIE transparency platform data show. Net injections bottomed out on 17 July at just 109GWh — the slowest stockbuild for any day since firms net withdrew 83GWh on 20 May. The country is not on track to meet its 70pc fill target by 1 November, although it could technically do so as companies have booked around 76pc of Germany's storage capacity, GIE transparency data show. Firms would need to inject 583 GWh/d to hit the target, well above the past two-week pace and the 388 GWh/d 2023-25 average rate. To fill sites to booked capacity, as recommended by storage association Ines, net injections would need to average 725 GWh/d until the deadline. Injections slowed as Germany received less supply from Norway and the Netherlands for a second consecutive week . Germany imported 1.07 TWh/d from Norway on 11-17 July, unchanged from a week earlier but down from 1.2 TWh/d in the period last year. Norway has been diverting supply away from Germany to the Netherlands as tight TTF-THE differentials favoured quicker flows to the Dutch market . Dutch-German exports remained subdued at an average of 387 GWh/d, up from 348 GWh/d a week earlier but well below 629 GWh/d a year earlier. Tight differentials with the Belgian ZTP have weighed on Belgian-German flows ( see table ). Imports from Belgium averaged 604 GWh/d on 11-17 July, down from 650 GWh/d a week earlier. Inflows from Belgium were 662 on 11-17 July 2025. But German exports to eastern Europe and Italy have not slowed despite reduced supply. Flows to the Czech Republic averaged 274 GWh/d last week, easing from 278 GWh/d the week before and 400 GWh/d a year earlier. Combined flows to Austria were 287 GWh/d, edging down on the week from 291 GWh/d. A widening Italian PSV premium to the THE has led to higher German flows to Italy via Switzerland of 178 GWh/d on 11-17 July from 57 GWh/d a week earlier. The German government has signalled a strong preference against intervention, but market area manager THE retains authority to step in if market-based filling becomes impossible. THE would intervene only at the "point of no return" — when it becomes clear that the market will definitely not meet targets. By Alejandro Moreano THE everyday price spreads to other European markets €/MWh Time period THE-TTF THE-ZTP THE-Austrian VTP THE-Czech VTP THE-PSV 11-17 July 2026 0.299 0.354 -0.834 -1.182 3.116 4-10 July 2026 0.259 0.435 -0.780 -1.211 3.049 11-17 July 2025 1.269 1.477 -2.711 -1.243 1.350 — Argus Storage movements and flows GWh/d Norwegian exports to Germany and the Netherlands GWh/d Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Azeri gas exports to Europe fall on year in Jan-Jun
Azeri gas exports to Europe fall on year in Jan-Jun
London, 17 July (Argus) — Azerbaijan's gas exports to Europe declined in the first half of 2026 from a year earlier, while the country diversified its export portfolio across multiple markets. Azeri exports to Europe declined to 5.9bn m³ in January-June from 6.1bn m³ in the same period last year. The country continued to expand its export footprint by widening the number of its export markets and pursuing new buyers. State-owned Socar began supplying gas to Germany and Austria in 2026 , while the Czech Republic , Slovakia and Italy are currently negotiating long-term gas supply agreements with Azerbaijan. Overall gas exports from Azerbaijan rose on the year to 12.7bn m³ from 12.1bn m³. Supplies to Syria recorded the strongest growth, with exports reaching 700mn m³ in the first half of the year compared with no receipts a year earlier — Azerbaijan only began delivering to Syria in August 2025 after Socar signed a swap agreement with Turkey. Gas flows to Turkey were unchanged at 4.9bn m³ in January-June, while deliveries to Georgia edged up to 1.2bn m³ from 1.1bn m³ a year earlier ( see graph ). The EU's planned phase-out of Russian gas by 2027 is forcing European buyers to diversify their supply sources. But Azerbaijan's gas export infrastructure was built before the Russia-Ukraine conflict in 2022 and did not anticipate the increased supply requirements or heightened interest in Azeri gas, Azeri president Ilham Aliyev said. Expanding the country's gas export infrastructure requires additional financing, which is currently limited because European financial institutions have adopted green policies and are avoiding fossil fuel-related investments, he said. Azerbaijan needs long-term supply commitments from buyers, otherwise investments in production and infrastructure assets do not make economic sense, he added. Azerbaijan also has alternative export destinations, such as Syria and neighbouring countries, where gas demand is growing. Azeri gas production continued to increase, reaching 25.3bn m³ in January-June from 25.2bn m³ a year earlier, although production trends varied across fields. The Shakh Deniz field made up 54pc of output in the first half of the year but production eased to 13.7bn m³ from 13.8bn m³ a year earlier. The Azeri-Chirag-Guneshli (ACG) complex accounted for 29pc of total output and was the only major asset to record growth during the period. The field produced 7.3bn m³ compared with 6.6bn m³ in January-June 2025. Azerbaijan's investment and production plans envisage output growth across all fields, Aliyev said. Azerbaijan is targeting annual gas exports to Europe of 20bn m³ from 2028. Long-term capacity bookings at the annual auctions would signal that long-term gas supply agreements are in place. By Victoria Dovgal Azeri output 1H bn m³ Azeri exports 1H bn m³ Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's east coast to have surplus gas in 4Q: ACCC
Australia's east coast to have surplus gas in 4Q: ACCC
Sydney, 10 July (Argus) — Gas supply volumes entering Australia's east coast grid will be more than sufficient to meet demand in October-December, the Australian Consumer and Competition Commission's (ACCC) Gas Inquiry June 2026 interim report said. The east coast gas market is predicted to have a 13PJ (347mn m³) surplus even if LNG producers export all their uncontracted gas, the ACCC reported on 10 July. The October-March period is generally a time of lower gas demand due to warmer temperatures and higher wind and solar power generation. The forecast is the highest surplus predicted for the final quarter of the year since 2023. A possible 12PJ shortfall in July-September forecast in the ACCC's March report is unlikely to emerge because Shell-operated QGC's rescheduling of maintenance from April to July may result in exports over this period dipping by up to 8PJ and similar volumes made available to the domestic market, the ACCC said. The Iona storage facility is at record levels for this time of year, the report noted. The 26PJ facility in Victoria state is at 82pc of capacity on 10 July, up from 64pc a year earlier. The ongoing conflict in the Mideast Gulf region has had no material impact on domestic spot prices and demand and prices remain suppressed, the ACCC said. The federal government plans to oversupply the eastern states' domestic grid from July 2027 via a domestic supply obligation (DSO) equal to 20pc of LNG exports imposed on Australia's 10 LNG projects. The aim is to further push down gas prices, but the DSO is opposed by most gas producers and Queensland's state government . Supply boost needed Long-term supply projections confirm more investment is needed to meet demand, the ACCC said on the proposed DSO. Policies must incentivise investment and promote greater diversity and competition in supply, the report said. Gladstone-based LNG producers control about 84pc of proved and probable (2P) eastern states reserves directly or via purchases from associated entities. These producers must further develop their reserves and resources to meet obligations, particularly under a DSO, the ACCC said. "Reducing barriers for new entrants and producers seeking to develop prospective resources would help increase and diversify supply, increase competition and put downward pressure on prices over the longer term," ACCC commissioner Anna Brakey said. Domestic gas demand has been sluggish so far this Australian winter, due to higher temperatures and increased battery storage, reducing demand for both heating gas and gas-fired power generation. By Tom Major Eastern LNG producers' longer-term position, 2028-38 PJ 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2P production 1,301 1,241 1,134 1,067 1,019 952 895 841 781 716 664 Third party purchases 196 241 244 251 263 280 282 276 260 251 239 Total supply 1,497 1,482 1,377 1,318 1,282 1,231 1,177 1,116 1,041 967 902 Sales to the domestic market 83 83 84 73 60 56 36 16 16 16 16 LNG SPAs 1,290 1,317 1,263 1,251 1,246 1,222 1,223 1,068 113 - - Total demand 1,373 1,400 1,348 1,324 1,306 1,277 1,259 1,084 129 16 16 Source: ACCC Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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