LNG: LNG Cargo Diverts From UK To China

The Al Ghuwairiya LNG vessel, originating from Qatar, is diverting to China away from the previous heading to the UK, according to ICIS.

• The tanker was due into the UK for April 12 but is now indicating arrival in China on 24 April.
• JKM was showing a premium to TTF of around $0.5/mmbtu earlier this week but has fallen to a narrow premium to TTF today as European gas prices rally. TTF has firmed today as the Trump/Putin call yesterday dampened sentiment surrounding a potential peace agreement in Ukraine.
• Chinese LNG demand has previously shown signs of slowing down in 2025 with imports limited by high spot prices which also incentivized cargo reselling. Jan-Feb LNG imports fell 19.1% y/y to 10.6m tons customs data showed earlier this week.
• Higher domestic gas output, and cheaper alternatives, including renewables, coal, and pipeline gas from Russia, have been weighing on domestic LNG demand.
  • TTF APR 25 up 5.2% at 42.89€/MWh
  • NBP APR 25 up 5.4% at 105.39p/th
  • JKM May 25 up 5.7% at 13.82$/mmbtu
  • JKM-TTF Apr 25 down 0.7$/mmbtu at -0.07$/mmbtu
  • US Natgas APR 25 up 2.9% at 4.17$/mmbtu