LNG: Half of US LNG to Turkey on FOB Basis After Recent Deals: Minister
Oct-03 08:04
Half of the LNG cargoes Turkey receives from the US following recent supply agreements will be on a free-on-board basis, Turkish Energy Minister Alparslan Bayraktar said to CNNTurk cited by Bloomberg.
- No specific details on contracts or time frames were given.
- “If I need it in Turkey, I can use it; if I don’t need it and find a better price elsewhere, I have the option to sell it. Therefore, Botas is developing a different muscle and turning into a trading company”
- Turkey’s Botas recently agreed a 20-year LNG supply agreement with Mercuria starting in 2026 for 4 bcm/y as well as a head of agreement with Woodside Energy for 5.8 bcm/y over nine years from 2030.
- Turkey will keep importing natural gas, including from Russia, as domestic production falls short of domestic demand, said Turkey’s Energy Minister earlier this week, but sees US LNG as the cheapest option.
- Turkey is in talks with Morocco to provide a FSRU for summer use.
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GERMAN AUCTION PREVIEW: Green Auction Next Week
Sep-03 08:03
DFA has announced it will be looking to sell the following at its auction next Tuesday, September 9:
- E500mln of the 0% Aug-31 Green Bund (ISIN: DE0001030732)
- E1bln of the 2.50% Feb-35 Green Bund (ISIN: DE000BU3Z047)
MNI: EUROZONE AUG SERV PMI 50.5 (50.7 FLASH, 51.0 JUL)
Sep-03 08:00
- MNI: EUROZONE AUG SERV PMI 50.5 (50.7 FLASH, 51.0 JUL)
EMISSIONS: UKAs Fall On EUAs Losses
Sep-03 08:00
UKAs Dec25 are trending lower, weighed by losses in EUAs, with EUA-UKA correlation tightening to the highest level since late July. Meanwhile, UK equities gains are limiting carbon downsides, with FTSE100 rebounding following the selloff yesterday.
- UKA DEC 25 down 0.04% at 53.93 GBP/t CO2e
- NBP Gas OCT 25 up 0.2% at 78.19 GBp/therm
- FTSE 100 SEP 25 up 0.1% at 9151
- ICE UKA futures daily aggregate traded volume stood at 1,668 contracts in the previous session, down 13.09% compared with the 30-day average.
- The EUA Dec25 premium to the UK equivalent remained at a similar level at €11.59/t CO2e.
- Auction calendar for the day: The next UKA auction will clear at 14:00BST. The previous UKA auction cleared at 49.95 GBP/T at a 1.53 cover ratio.
- Correlation between EUA/UKA for 30-day period at 0.71.
- Correlation between UKA/TTF for 30-day period at 0.52.
- UK gas demand, including power generation and exports, is forecast at 112 mcm/d, below the five-year average, according to National Grid.
- The latest month-ahead ECMWF weather forecast has been revised-down slightly until 22 Sep and stands above average for most days.
