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LNG
East Mediterranean LNG prices have climbed to multi-month high against US prices, with tighter local supply and heatwaves in the region providing support, Platts said.
- The East Med LNG market was assessed at a $1.067/MMBtu premium to FOB loading Gulf Coast cargoes, the highest since March 13.
- Adding to the bullish sentiment is maintenance at Italy’s OLT terminal, as well as a more global tightness for LNG supply.
- While East Med premiums have been above those in NWE, US exports to the former region have remained low.
- Traders see swing US cargoes headed to Asia, so prices across Europe will have to be bullish for the summer to meet any demand.
- Also in the East Med, Turkey’s Botas reserved full TurkStream pipeline capacity available at auction for Q3 of 13.1 mcm/d, in addition to the month of July’s 7.84 mcm/d for spot imports. This capacity is for Russian gas imports.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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