Energy · Markets

Europe Boosts LNG Imports Amidst Easing Oil Prices from Iran Talks

Europe is increasing its liquefied natural gas imports to secure winter supplies, coinciding with a moderation in global oil prices attributed to renewed diplomatic efforts with Iran and increased Saudi exports.

News AutomationCompiled 17:05 UTC · 1 min read

A cargo ship unloads liquefied natural gas at a European terminal.

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By Tom Kool

Oil prices ease as renewed Iran talks and recovering Saudi exports temper supply fears.

Europe’s LNG Buying Spree Comes With the Clock Ticking

Europe is finally ramping up imports of liquefied natural gas ahead of the winter heating season, following a disappointing summer when deliveries were 30% below 2025 levels.
The 30-day moving average of Europe’s LNG imports stood at 267,000 metric tonnes per day, catching up with last year’s trendline, thanks to a recovery in US LNG flows, accounting for 69% of the total.
The arbitrage for US LNG into Europe is now finally workable, with landed LNG prices hovering around $24 per MMBtu – giving the same netback as Asia’s JKM considering the $1.5 per MMBtu freight difference.
Europe’s LNG awakening is a race against time as the Old Continent’s inventory builds are expected to halt soon, with regionwide stocks currently 71% full – a notable downgrade compared to 82% a year ago.
The continuous backwardation of gas futures in Europe has made winter storage commercially unviable, with the October TTF contract still €0.5 per MWh above December, traditionally the peak of European gas demand.

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Tuesday, September 29, 2026

The renewed prospect of US-Iran negotiations has cooled last week’s rally, bringing ICE Brent lower towards $104 per barrel, however, Donald Trump’s comments about ‘offering Iran nothing’ might seem to suggest that the Pakistan-mediated talks would once again lead nowhere. The restart of Saudi Arabia’s East-West pipeline and first loadings from Yanbu provided some downward pressure on prices; however, the Houthi risk remains a genuine threat to recovering Saudi flows.

Qatar Extends LNG Supply Cuts into Winter. QatarEnergy prolonged its LNG supply force majeure for Asian customers through November as Hormuz flows remain restricted, with monthly loadings down 80% vs pre-war levels to just 1.5 million tonnes, sending liquefied gas mostly to nearby Kuwait.

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By Tom Kool for Oilprice.com

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Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.…

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