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Europe Maintains High LNG Imports

LNG

LNG imports in the Europe are maintaining at high levels of around 200mcm/d compared to seasonal normal of nearer 50mcm/d.

  • 20 cargoes are currently expected into NW Europe before the end of the month with 18 already delivery so far in August.
  • The JKM-TTF Sep22 spread has drifted lower to -15.3$/mmbtu with JKM stable at 44.6$/mmbtu and TTF ticking back up to 200€/MWh.
  • The US LNG netback to Europe for Sep is estimated at 48.07$/mmbtu and to Asia is estimated at 34.72$/mmbtu.
  • The TTF forward curve remains above JKM until the end of Winter 24.

Source: Bloomberg

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