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EU Storage Injections due to LNG Supply

LNG

LNG imports into NW and Eastern Europe are maintaining above normal levels and helping to continue injections into storage.

  • The weekly average of daily flows was 162mcm/d last week compared to an average of just 58mcm/d for this time of year. The outage of the US Freeport LNG export terminal has not so far caused a net reduction in flows to Europe with spreads strongly encouraging the delivery of spot cargoes.
  • As TTF prices have continued to surge higher the spread to Asia has significantly increased. JKM is currently trading at a -13.8$/mmbtu discount to TTF. The current estimateion for the US LNG netback to Europe is 44.3$/mmbtu and to Asia is 31.2$/mmbtu.
  • European storage is up to 59.4% with Germany up to 62.27%, Italy at 60.72%, France at 64.20% and Netherlands at 54.11%.
  • The graph below shows the weekly average of the net LNG flows into NW Europe:
Source: Bloomberg
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LNG imports into NW and Eastern Europe are maintaining above normal levels and helping to continue injections into storage.

  • The weekly average of daily flows was 162mcm/d last week compared to an average of just 58mcm/d for this time of year. The outage of the US Freeport LNG export terminal has not so far caused a net reduction in flows to Europe with spreads strongly encouraging the delivery of spot cargoes.
  • As TTF prices have continued to surge higher the spread to Asia has significantly increased. JKM is currently trading at a -13.8$/mmbtu discount to TTF. The current estimateion for the US LNG netback to Europe is 44.3$/mmbtu and to Asia is 31.2$/mmbtu.
  • European storage is up to 59.4% with Germany up to 62.27%, Italy at 60.72%, France at 64.20% and Netherlands at 54.11%.
  • The graph below shows the weekly average of the net LNG flows into NW Europe:
Source: Bloomberg