The forwarding of gas from Spain to Europe reached historic volumes in 2022, according to the CNMC

Spain became the main re-exporter of natural gas to Europe and contributed to the security of supply in the region, according to data from the Report on the wholesale market and gas supply 2022 (IS/DE/004/22) published this Friday the National Commission of Markets and Competition, CNMC.

The interconnection with France had a net export balance for seven months. Gross exports to France reached the historical record of 35 TWh. The net balance of inputs and outputs was also for the first time an exporter at 14 TWh

Exports to Morocco since June

The net balance of entries and exits with France was also the first exporter (13.83 TWh).

In the case of Portugal, the net export balance was 1.2 TWh. Portugal’s gross gas outputs were 6 TWh (compared to 5 TWh in 2021), with a net export balance of 1.2 TWh.

As of June 28, gas exports to Morocco also began through the Tarifa interconnection, reaching a total of almost 2 TWh in 2022.

Almost a ship a day of liquefied natural gas

In the liquefied natural gas (LNG) market, 338 ship unloadings were made (almost one a day), compared to 254 in 2021, promoting strong competition in the use of national plants. The recharging operations for re-exports stood out, reaching 25 TWh, 45% above those carried out in 2021 and whose main destinations were Italy and Germany.

On the import side, the war has made the United States the leading gas supplier to Spain in a year in which the total inflow of natural gas increased by 7.5%. The US contributed 29% of the total, followed by Algeria (24%), Nigeria (14%), Russia (12%) and France (4%).

USA, Spain’s main supplier

LNG imports marked their all-time high of 319 TWh, 71% of the supply, and came from eighteen different origins.

Pipeline imports, mostly from Algeria, fell 32% compared to 2021.

The Iberian gas market is strengthened

The volume traded on the Spanish gas financial market, MIBGAS, was 121,419 GWh, 33% of the gas demand in Spain, and was 76% more than the volume traded in 2021. The average closing price of the product D+1 (the one that quotes the short-term price) in MIBGAS 2022 was 99.2 euros MWh, double the value of 2021 when the ceiling was reached at 47.3 euros MWh.

World trade reached 397 million tons, 16 million more than in 2021. The main increase came from the United States, 80 million tons, 6 million more than in 2021. The top three world producers were Australia, Qatar, and the United States.

Less demand in Asia and South America

Low demand in the Asian and South American markets, largely due to high LNG prices, allowed shipments to the European market to increase (+45 million tons).

The demand for LNG from China fell by 15 million tons (-19%), due to the restrictive measures of COVID-19 and the consumption of coal. Japan regained its position as the world’s leading importer (72 million) compared to 63 million from China.

Source: Portada by

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