LNG: Strong US LNG Exports While JKM-TTF Spread Narrows Slightly

US LNG cargo exports were unchanged on the week at 34 in the week to Nov. 5, according to the EIA.  Total capacity of the vessels edged down to 128bcf from 129bcf the previous week.

• Nine cargoes departed from Sabine Pass, six from Plaquemines, five from Corpus Christi, four from Cameron, three each from Freeport and Calcasieu Pass and two each from Cove Point and Elba Island.
• LNG terminal feedgas is just below record high levels again today after seeing brief drops in feedgas to Cameron, Freeport and Corpus Christi in the last couple of weeks. Feedgas is today at 17.48 bcf/d compared to a record high of 17.84 bcf/d on Oct. 31 and an average of 17.1 bcf/d so far this month.
• Price swings between the Atlantic and Pacific basins have been altering the arbitrage economics for moving cargoes into the Far East.
• The JKM - TTF Dec25 spread has narrowed slightly since reaching the highest since mid-Sep. at $0.32/mmbtu on Nov. 5 and back to around $0.2/mmbtu today, according to Bloomberg data.
  • TTF DEC 25 down 0.5% at 31.4€/MWh
  • NBP DEC 25 down 0.4% at 81.8p/th
  • JKM Dec 25 down 2.2% at 10.9$/mmbtu
  • JKM-TTF Dec 25 down 0.1$/mmbtu at 0.26$/mmbtu
  • US Natgas DEC 25 up 0.6% at 4.38$/mmbtu