July saw a record high in US export of LNG, liquefied natural gas. During the month, the US shipped 6 billion cubic feet (Bcf) out of the country per day. Large amounts of the gas ended up in Europe, which in just one year has quadrupled its import of LNG from the US. According to Reuters, for the first time in four years, this has entailed Russian and Norwegian gas companies losing market shares.
This summer, the developments brought gas prices in Norway down to a level 25-30 percent lower than Norwegian authorities estimated, Norwegian media outlet E24 writes, citing Equinor Executive VP of Marketing Irene Rummelhoff.