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EU Imports Dip but Spreads Still Favour Europe over Asia

LNG

Falling TTF prices have closed the spread to JKM but November remains at a premium of 8.4$/mmbtu.

  • The US netback to Europe is lower at 39.96$/mmbtu while the netback to Asia is largely unchanged at 29.32$/mmbtu according to Bloomberg data. The data shows the netback in favour of sending LNG cargoes to Europe throughout the coming winter with Europe at least 10$/mmbtu higher than Asia.
  • EU imports are slightly down on last week at about 335mcm/d compared to about 380mcm/d in the last week of September.
  • Gas deliveries to US export terminals are currently curtailed due to the ongoing outage a Freeport, maintenance at Cove Point and feedpipe maintenance at Sabine Pass.
    • TTF NOV 22 up 3.7% at 168€/MWh
    • NBP NOV 22 up 7.3% at 298.99p/th
    • JKM Nov 22 up 0.3% at 38.2$/mmbtu
    • JKM-TTF Nov 22 up 1$/mmbtu at -10.63$/mmbtu
    • US Natgas NOV 22 down -1.5% at 6.73$/mmbtu

Source: Bloomberg

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Falling TTF prices have closed the spread to JKM but November remains at a premium of 8.4$/mmbtu.

  • The US netback to Europe is lower at 39.96$/mmbtu while the netback to Asia is largely unchanged at 29.32$/mmbtu according to Bloomberg data. The data shows the netback in favour of sending LNG cargoes to Europe throughout the coming winter with Europe at least 10$/mmbtu higher than Asia.
  • EU imports are slightly down on last week at about 335mcm/d compared to about 380mcm/d in the last week of September.
  • Gas deliveries to US export terminals are currently curtailed due to the ongoing outage a Freeport, maintenance at Cove Point and feedpipe maintenance at Sabine Pass.
    • TTF NOV 22 up 3.7% at 168€/MWh
    • NBP NOV 22 up 7.3% at 298.99p/th
    • JKM Nov 22 up 0.3% at 38.2$/mmbtu
    • JKM-TTF Nov 22 up 1$/mmbtu at -10.63$/mmbtu
    • US Natgas NOV 22 down -1.5% at 6.73$/mmbtu

Source: Bloomberg