The Spanish gas market is in a lull, to put it politely. Demand was down 4.5% over the first seven months of 2011 to 19 billion cubic meters in total (3.2 billion cubic feet per day). For July alone, the year-on-year decline was 12.2% to 2.4 Bcm (2.7 Bcf/d). Gas sales for power generation plunged by 30% in July, and were off 13.4% over the full seven months, to 5.6 Bcm, according to national system operator Enagas. LNG imports to Spain sank by 28% last month, with only 1.6 Bcm (1.18 million tons) of LNG unloaded.
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