Oil Daily | EU Natural Gas Storage Costs Rise, Boosting U.S. LNG Exports as Europe Outpaces Asian Prices

【Latest Oil Policies】

Germany has shifted its stance on nuclear energy under Chancellor Friedrich Merz, easing its opposition to EU policies treating nuclear power on par with renewables. This change, following the country's phase-out of nuclear plants, could facilitate smoother EU energy policy adoption, despite Austria's continued resistance.

【Global Oil Supply and Demand】

The EU faces significant costs to refill its natural gas storage due to a colder winter in 2024-2025, which depleted reserves to uncomfortable levels. Higher demand for LNG led to increased U.S. exports, with European gas prices surpassing those in Asia, attracting more cargoes to Europe.

【Others】

China's coal production in April increased by 3.8% compared to the previous year, despite a dip from the previous month's record levels. Coal imports fell, correlating with lower prices and higher domestic consumption, while overall power generation, particularly thermal power, declined amid industrial activity fluctuations caused by tariff disputes.