Several LNG cargoes have diverted from Asia to Europe due to the recent rally in European TTF gas prices last week to the highest since a spike on Aug 12 driven by fears of a wider war in the Middle East.

• Three LNG tankers (LNG Endeavour, Vivit Arabia LNG and Marvel Dove) originating from the US changed course last week after initially heading to destinations including China, Bangladesh and South Korea in Asia, according to Bloomberg ship-tracking and Kpler data.
• The BW Brussels has also turned north in the Atlantic, suggesting a course switch from Asia to Europe instead, ICIS said.
• TTF futures settled at the highest since early December on Oct. 4 although have eased back slightly since.
• The profitability of US LNG supply to Asia and Europe are close to parity for November although Asia just remains the premium at $9.71/mmbtu vs $9.58/mmbtu to Europe, BNEF showed.
• Europe remains wary of unplanned supply disruptions heading into the winter heating season with US LNG cargo flexibility highlighting the competition between Europe and Asia for supplies.
• The re-routing of the cargoes was driven by pricing rather than a fundamental shift in demand, Bloomberg sources said.