Delays and Diversions to UK and French LNG Cagoes

Stormy weather in the UK is causing delays and diversions into UK terminals while France’s Dunkerque LNG has extended strike-related force majeure until Friday 17 March. Strike action at the other three French LNG terminals could last past their previously scheduled end date on 14 March.

• Three UK arrivals are delayed and two have bene diverted to Belgium and Spain according to Bloomberg. Several arrivals into French terminal have been directed to UK and Spain in the last week since the start of the strikes.
• Last week, deliveries to Europe and Turkey fell by nearly 19% and this month could be the lowest since October according to Kpler data.
• In March so far 36 cargoes have arrived into NW Europe with another 39 currently scheduled to arrive before the end of the month according to Bloomberg. A total of 68 cargoes delivered during February.
• The US LNG netback encourages delivery to Europe for April with the potential profitability at 12.77$/mmbtu compared to 10.25$/mmbtu to Asia. The JKM-TTF spread is down to the lowest since December at -2.39$/mmbtu.
  • TTF APR 23 down -2.2% at 51.7€/MWh
  • NBP APR 23 down -1.9% at 131.01p/th
  • JKM Apr 23 down -1.1% at 14.16$/mmbtu
  • JKM-TTF Apr 23 up 0.4$/mmbtu at -2.15$/mmbtu
  • US Natgas APR 23 up 7.1% at 2.6$/mmbtu