US LNG puts pressure on Norwegian gas trade

US LNG export is seizing market shares from Norway and Russia. But asking Equinor, there is no danger that LNG will deflate Norwegian gas trade in the near future.

In May, US President Donald Trump visited LNG terminal Cameron LNG in Hackberry, Louisiana. The US may celebrate the country's large LNG export, which is seizing market shares from traditional European market players. | Photo: Leah Millis/Reuters/Ritzau Scanpix

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.

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