Aug and Sept LNG Cargo Sales Delayed by Weaker Prices

Weaker LNG spot prices have prompted traders to delay plans to sell cargoes for August and September delivery according to Bloomberg.

• Some LNG cargoes are being held until rates are higher with use as floating storage for eventual delivery in Oct according to Bloomberg sources.
• TTF front month has today fallen back towards levels seen in mid July amid stable supplies and high storage. JKM has pulled back from nearly 11.6$/mmbtu yesterday to 11.1$/mmbtu today.
• JKM-TTF front month spread is back up to 2.6$/mmbtu with the US LNG netback to Asia for September up to 7.24$/mmbtu and to Europe at 5.95$/mmbtu.
• LNG on water for at least 20 days reached the highest since mid May this week at 3.05m on 23 July according to Bloomberg.
• Maintenance at the Sakhalin-2 LNG export plant is proceeding as planned, and a delay to restart isn’t expected according to Bloomberg sources. Sakhalin-2 LNG export project in Russia’s Far East began works on July 1 lasting about 40 days.
  • TTF AUG 23 down -7.2% at 26.4€/MWh
  • NBP AUG 23 down -6.6% at 65.41p/th
  • JKM Aug 23 down -4% at 11.1$/mmbtu
  • JKM-TTF Aug 23 up 0.2$/mmbtu at 2.58$/mmbtu
  • US Natgas SEP 23 down -0.2% at 2.59$/mmbtu