EU LNG Deliveries Rise from Oct to Nov but Below Nov 2022 Levels

LNG deliveries to Europe and Turkey fell 13.5% last week to a four-week low of 3.2bcm, according to Montel citing Kpler ship-tracking data.

• Deliveries in November are expected to rise 18% from October to the highest in five months but see a decline from Nov 2022. Imports are forecast to fall further this week to 2.9bcm.
• Global floating LNG storage has fallen to the lowest since mid-September at 1.7bcm, with just four vessels moored off Europe according to Montel. Bloomberg shows LNG at sea for at least 20 days is close to levels seen this time last year at 4.25m metric tonnes.
• European LNG sendout was back up to 398mcm/d on Nov 25 after a dip below 350mcm/d late last week but still well below levels around 450mcm/d for the same period last year according to Bloomberg.
  • TTF DEC 23 down -4% at 44.78€/MWh
  • TTF Q1 24 down -3.9% at 45.75€/MWh
  • TTF SUM 24 down -3.4% at 44.67€/MWh
  • TTF WIN 24 down -2.7% at 48.35€/MWh