Estonian gas company Eesti Gaas said it hoped to use Finnish and Lithuanian import facilities to ship 10 LNG cargoes to the Baltic states and Finland this year. After Russia invaded Ukraine in February, Estonia, its Baltic neighbors Lithuania and Latvia, as well as Finland, stopped importing natural gas from Russia.
One of the three LNG cargoes booked for this year already arrived in January. The remaining seven LNG cargoes will be delivered to the Finnish port of Inkoo in spring and summer. Kersti Tumm told Reuters on Tuesday that they could order more LNG tankers for this winter.
Gas prices in Europe have come down a lot since last summer. Eesti Gaas said last week that he hopes more people will use gas. According to the company’s chief executive, Margus Kaasik, “gas prices have returned to pre-war levels and gas is once again less expensive than, for example, light heating oil or propane.”
Eesti Gaas bought five LNG cargoes last year. Five were delivered to the Klaipeda terminal, which has been in service since 2014. Three of the cargoes came from the United States and two from Norway.
More about LNG Natural Gas
Finland will lease a floating storage and regasification unit (FSRU) this year to act as an import terminal at the port of Inkoo. Terminal operator Gasgrid announced last Friday that seven terminal slots in total had been reserved by January 9 for the second and third quarters. Eesti Gaas, or Elenger, works in Poland, the Baltic nations and Finland. According to a company representative, by 2023, consumers outside Estonia will account for more than 70% of its energy sales.
Although it produces 16% of the world’s oil, Russia barely exports 4 to 5% of it. However, oil markets have a long history of being hypersensitive to even the smallest adjustments, and in this situation there is currently no evidence that the Russians have altered their oil and gas shipments in any way. There are some reports that they would reduce supplies in 2021. However, no information is available on volumes, and publicly available data only indicates that oil production has yet to return to its pre-COVID levels.
Panic buying by oil traders may be the cause of all the price rise since November 2022, and this is probably the case. Traders will appear to be geniuses if something happens during the battle that changes oil production or delivery. All of them will spend the rest of their lives working on marijuana plantations if nothing stops the production of oil. They are likely to share space with the crypto community.
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