Energy Development Center: US peak hurricane season threatens Europe’s gas market

Analysts at the Center for Energy Development (CRE) said that the peak of the US hurricane season threatens the European gas market by disrupting the stability of US liquefied natural gas (LNG) supplies.

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The hurricane season is also hurting the market, according to Rystad Energy.

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“The effect on the market depends on the amount of damage caused, but since the US has become the largest supplier of LNG and petroleum products to Europe, the potential consequences could be significant,” the CRE said in a statement.

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Experts recalled that a strong hurricane, like last year’s Ida, could cause a failure in the shipment of liquefied natural gas from terminals in the Gulf of Mexico. Then the supply of LNG to the world market will be reduced by about 300 million cubic meters per day.

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Earlier it was reported that gas prices in Europe reached a historic high. The cost of fuel has risen to a record high since 1996 – for the entire period of operation of gas hubs in Europe. Thus, the estimated gas price was $2,861.6 per thousand cubic meters.