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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
LNG
LNG imports to Europe are falling but remain in line with the season normal expected trend.
- The weekly average is down to 137k tons per day from 179k tons for the first week of June. Any impact of missing cargoes from the US Freeport LNG outage would not yet be seen in the import data. Despite any potential missing cargoes from US there are still 11 tankers due in to Europe before the end of the month. 5 of which are from US, 3 from Qatar, 2 from Russian and 1 from Peru.
- The estimate quantity of LNG on tankers that have not yet unloaded for at least 20 days has increase 23% over the last week to 2.37m tons according to Bloomberg.
- With European gas prices continuing to push higher the spread to JKM has increase to -5.75$/mmbtu. The US netback Europe is therefore still very much in favour of flows to Europe over Asia. For August, US to Europe is 29.34$/mmbtu and to Asia is 25.13$/mmbtu.
- Based on current market levels the spreads should still encourage the delivery of spot cargoes to Europe for the remainder of the year with the Dec22netback to Europe nearly 2$/mmbtu higher.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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