作者：Stephen Stapczynski。随着北半球冬季临近，欧洲液化天然气（LNG）进口量正在回升，因为霍尔木兹海峡的持续中断威胁到全球对该燃料的竞争加剧。
By Stephen Stapczynski European imports of liquefied natural gas are rising ahead of the Northern Hemisphere winter, as prolonged disruptions to flows through the Strait of Hormuz threaten to intensify global competition for the fuel.
彭博社汇编的船舶跟踪数据显示，尽管欧盟和英国的交付量以30天移动平均线计算比去年同期低约4%，但自8月初以来已有所增加，当时进口量比去年同期水平低30%。同期，流向东北亚的LNG流量有所下降。
Deliveries to the European Union and UK are about 4% lower than a year ago on a 30-day moving average, but have increased since early August, when imports were 30% below last year’s levels, ship-tracking data compiled by Bloomberg show. Over the same period, LNG flows to Northeast Asia fell.
交易员表示，目前美国LNG的价格套利空间使欧洲比亚洲更具优势，这为大西洋货物在10月份留在该地区提供了动力。
The price arbitrage for US LNG currently favors Europe over Asia, according to traders, providing an incentive for Atlantic cargoes to remain in the region into October. Europe is projected to absorb about a quarter of global LNG supplies in September, up from less than 19% in July, according to Kpler.
根据Kpler的数据，预计9月份欧洲将吸收全球约四分之一的LNG供应，高于7月份的不到19%。
The price arbitrage for US LNG currently favors Europe over Asia, according to traders, providing an incentive for Atlantic cargoes to remain in the region into October. Europe is projected to absorb about a quarter of global LNG supplies in September, up from less than 19% in July, according to Kpler.
由于伊朗战争前波斯湾提供了全球约五分之一的供应，其持续短缺导致本月初价格升至2022年底以来的最高水平。
The persistent lack of LNG from the Persian Gulf, which provided about a fifth of global supply before the Iran war, sent prices to the highest level since late-2022 earlier this month. The tighter market means greater competition between Europe and Asia, home to the world’s top buyers, for the same flexible supply from the US and elsewhere.
市场收紧意味着欧洲与亚洲（全球主要买家所在地）之间对来自美国及其他地区的灵活供应的竞争加剧。
The persistent lack of LNG from the Persian Gulf, which provided about a fifth of global supply before the Iran war, sent prices to the highest level since late-2022 earlier this month. The tighter market means greater competition between Europe and Asia, home to the world’s top buyers, for the same flexible supply from the US and elsewhere.
欧洲面临的竞争来源之一是印度，由于干旱天气限制了水力发电，且化肥厂需要更多天然气，印度的LNG需求正在上升。
One source of competition for Europe is India, where LNG demand is rising as dry weather curbs hydropower generation and fertilizer plants require more gas. Imports are set to climb 10% in September from a year earlier, according to Kpler. Indian buyers are continuing to snap up spot cargoes, even at prices above their typical purchasing threshold.
根据Kpler的数据，9月份进口量预计将比去年同期增长10%。
One source of competition for Europe is India, where LNG demand is rising as dry weather curbs hydropower generation and fertilizer plants require more gas. Imports are set to climb 10% in September from a year earlier, according to Kpler. Indian buyers are continuing to snap up spot cargoes, even at prices above their typical purchasing threshold.
印度买家即使在价格高于其典型采购门槛的情况下，仍在继续抢购现货。
One source of competition for Europe is India, where LNG demand is rising as dry weather curbs hydropower generation and fertilizer plants require more gas. Imports are set to climb 10% in September from a year earlier, according to Kpler. Indian buyers are continuing to snap up spot cargoes, even at prices above their typical purchasing threshold.
自2022年俄罗斯入侵乌克兰迫使买家取代来自莫斯科的管道供应以来，欧洲一直在增加LNG进口以补充库存并满足更高的冬季需求。
Europe has boosted LNG imports since 2022 to refill inventories and meet higher winter demand after Russia’s invasion of Ukraine forced buyers to replace pipeline supplies from Moscow.