EU LNG Imports Reduce as Tight Market Eased by Warm Weather
Oct-26 10:50By: David Lee
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Net LNG imports into NW Europe have dipped into this week to around 350mcm/d compared to over 400mcm/d in mid October.
- Warm weather in Europe has eased the tight supplies and increased the short term supply of gas. The total LNG on tankers at sea that have not unloaded for at least 20 days has been gradually increasing since mid September,
- Maintenance at a couple of LNG regas terminals, including Montoir are restricting imports slightly.
- The December US netback to Europe has fallen to 31.14$/mmbtu while the US netback to Asia is at 22.58$/mmbtu. The JKM-TTF spread has moved positive this week as TTF has fallen and JKM has seen more support.
- TTF NOV 22 up 1.9% at 101.72€/MWh
- NBP NOV 22 up 4.5% at 193.5p/th
- JKM Nov 22 down -0.9% at 31.02$/mmbtu
- JKM-TTF Nov 22 up 1.3$/mmbtu at 1.2$/mmbtu
- US Natgas NOV 22 down -0.6% at 5.58$/mmbtu
