EU LNG Daily Sendout Edges Higher but Imports Flat Month on Month

LNG sendout to Europe has recovered up to 330mcm/d on 30 Aug with import flows to NW Europe back up to the levels around 190mcm/d from this time last year after the drop seen since late July. European LNG imports flows fell to a low of just below 260mcm/d on 20 August.

• Total LNG imports into NW Europe in August were little changed from the previous month according to Bloomberg ship tracking data. A total of 50 shipments had arrived by 30 Aug with another 4 potentially before the end of the month compared to 52 cargoes in July.
• The biggest supplier was once again the US with a 54% share of the imports with Qatar, Russia and Norway the next biggest suppliers.
• Northwest Europe is currently scheduled to receive 16 cargoes in the next couple of weeks.
• The front month JKM-TTF spread remains in positive territory having traded between about +0.2$/mmbtu and +2.3$/mmbtu for most of this week. US LNG gas exports were more profitable to Asia in October, while Europe earns the best netback for November and December, according to BNEF before the TTF open this morning.
  • TTF OCT 23 up 1.7% at 35.63€/MWh
  • NBP OCT 23 up 2.2% at 87.65p/th
  • JKM Sep 23 down -0.8% at 11.54$/mmbtu
  • JKM-TTF Oct 23 down -1$/mmbtu at 0.36$/mmbtu
  • US Natgas OCT 23 up 2.1% at 2.83$/mmbtu

Source: MNI / Bloomberg