Italy Surpasses Neighbors as Top EU LNG Importer Amid Soaring Prices
Italy has surpassed other European countries as the top importer of liquefied natural gas (LNG) in July, according to recent data. This comes as neighboring countries have chosen not to make costly purchases due to soaring prices.
The divergent strategies are essentially opposing bets on how Europe's gas crunch will evolve before winter. If Middle East disruptions persist and prices continue to climb, Italy's expensive stockpiling could prove prescient while countries with thin inventories may face even tighter supply in winter and higher costs.
On the other hand, if fuel flows recover and prices fall, Italy risks having filled storage with costly gas at billpayers' expense. The EU has been grappling with a gas crunch as demand surges due to rising temperatures and economic recovery from the pandemic.