![]() ![]() ![]() Germany, which had become recklessly dependent on cheap natural gas from Russia and had failed to build a single LNG import terminal as alternative, is now getting the drift. The terminal at Eemshaven is expected to receive about 18 LNG cargoes by December 31, according to Bloomberg. The capacity of an FSRU is much smaller than that of a large land-based import terminal, but it’s a start. These floating storage and regasification units (FSRU) receive the LNG, store it, re-gasify it, and then send the natural gas via pipeline into the land-based distribution network in the Netherlands, from where it can also be distributed to other countries. The EemsEnergyTerminal, as the two vessels are called, will receive its first commercial shipment this week. On Thursday, two floating liquefied natural gas (LNG) import and storage terminals entered operations in the port of Eemshaven in the Netherlands, when they received their commissioning shipment of LNG from the US. ![]() And with this type of huge spike, and then plunge, there may well be some big energy speculators and assorted hedge funds that ended up on the wrong side with massively leveraged positions.Įfforts to ramp up supply via LNG imports. But those sky-high prices caused large shifts, not only lowering demand but also lining up new supply. The spike in futures prices was driven by speculation following Russia’s threats to cut, and then by its actual cuts, of gas deliveries to Europe. The front-month October TTF contract in the Netherlands – a benchmark for northwest Europe – plunged by 8% on Monday from Friday, and by 44% from the peak on August 26, to €191.02 per megawatt-hour (MWh) at the close today (data via ). The prices of natural gas futures in Europe, after increasing 20-fold since March 2021, have plunged amid falling demand, above-target gas-storage increases, a growing list of floating LNG import terminals, and surging imports of LNG from the US and other parts of the world. Storage above target, floating LNG import terminals going into service. ![]()
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