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Asia-Europe Spreads Close but Still Favour Europe

LNG

JKM spread to TTF narrows to closest since early May. Jun22 contract as close as -2$/mmbtu earlier this morning. TTF prices have not moved significantly but the easing of China covid restrictions and moves to build stocks before next winter has helped push Asian prices higher.

  • The US netback to Europe for Jul is 18.31$/mmbtu and to Asia is up to 14.78$/mmbtu. Despite the higher Asian prices, the spreads still encourage flows to Europe over Asia throughout the summer.
  • Estimated gas flows to US export terminals were slightly lower at 13.03bcf/d on Monday with the weekly average LNG exports from US still at the top of the 5-year range at 234k mt last week.
  • Imports to Europe are also near the top of the 5-year range but following the trend of slightly lower imports as we head into the summer.
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