European LNG Imports Jump To 9-Week High

LNG deliveries to European destinations, including Turkey, jumped 31% week on week to a nine-week high of 4.2bcm last week, with near record supply expected in the coming days, Kpler ship tracking data showed.

• There were another 44 vessels in transit or waiting to unload, totalling almost 4.2bcm, though the final destinations, timing, and volumes could change, the Kpler data showed.
• Last week saw the highest imports since the week of 12 Dec at 4.3bcm.
• Imports so far in February had totalled almost 10.5bcm, or almost 3.7bcm per week, 4% higher than the same period in January.
• European current hub prices were still offering a premium to Asian LNG for spot cargoes, though the spread was narrowing between April and next winter.
• A TTF premium to JKM implies that Europe remains the key market for spot sellers of LNG.
• TTF MAR 23 up 4% at 51€/MWh
• JKM-TTF Mar 23 down -0.9$/mmbtu at 0.14$/mmbtu