Norwegian pipeline gasoline provides to Europe final month recovered from the historic lows of September and October, however nonetheless remained nicely beneath the five-year common for November exports.
Provides collapsed to lows not seen for 15 years in September as a heavy upkeep schedule and important industrial turndown on low European gasoline costs impacted flows.
Exports recovered barely in October — although industrial optimization stored a lid of provides — whereas November noticed flows edge up additional.
Exports to the UK and Continental Europe totaled 8.89 Bcm in November, the very best month-to-month quantity since April, in keeping with information from S&P World Platts Analytics.
However flows have been down on the five-year common of 9.54 Bcm for the month of November, and have been down on provides in November 2018 of 9.14 Bcm.
“NCS provide continues turning down, and it’s now on the backside of the place now we have seen traditionally right now of the yr,” S&P World Platts Analytics mentioned.
VALUE OVER VOLUME