Helium imports in the EU have seen a drastic fall of 33% from Jun'23 levels of ~100mmcf to 65mmcf in Jul'23. This fall was witnessed in all regions, but the largest fall was in French imports that fell 35% m/m from 45mmcf to 29mmcf. We believe the fall is export (supply) driven rather than from the consuming regions. The main contributor is Algeria that exported ~35% less m/m on the back of weaker LNG production in prior months. However, Algeria's Aug'23 LNG production was back to normal levels, and we expect Sept-Oct'23 EU imports to bounce back.
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