EU LNG Arrivals Hold Just Below Highest in Eight Months

LNG imports into Europe and Turkey were last week at 3.6bcm just below the eight month high of 3.8bcm from the previous week according to Kpler data via Montel. Imports are forecast to fall 40% this week to nearly 2.2bcm as demand remains weak.

• European LNG sendout was down to 312mcm/d on Jan 27 compared to an average of around 384mcm/d so far in Jan according to Bloomberg.
• A total of 82 LNG cargoes are scheduled to arrive into NW Europe during the whole of January according to Bloomberg last week compared to 74 in December and 77 in November.
• Dragon and South Hook saw at least four cargo arrivals since Jan 25 amid a backlog after stormy weather slowed unloadings between Jan 19 and Jan 25.
• An LNG vessel with a cargo loaded in Qatar is due in to Zeebrugge in Feb having departed from Ras Laffan on Jan 11 towards Suez before changing direction for the longer route around Africa.

• “In 2023, around 15.5m tons of LNG was sent through the Red Sea from the Middle East to Europe – a crucial 12.9% of the continent’s LNG supply last year,” said Kaushal Ramesh at Rystad Energy.
• “Re-routing vessels through the Cape of Good Hope adds around 12.5 days to the voyage each way at 16 knots – which could require an additional 15-20 vessels to deliver the same volume over the year.”