LNG
European LNG prices rose to a five-month high amid tightness in regional supply and boosted competition with other basins for LNG cargoes, Platts said.
- Heat waves in Asia have created stronger demand in APAC, creating higher competition for partial spot cargoes from the USGC.
- JKM prices are also the highest level since December at $11.498/MMBtu.
- While European natural gas inventories remain strong, LNG supply has been constantly restricting. This is beginning to become supportive for European prices.
- NWE-TTF spreads have remained consistently narrow, despite a strengthening in TTF, driven by the rising competition for LNG cargoes.
- NWE LNG is around a 17.5 cents/MMBtu discount to TTF, according to Platts data, while the discount has averaged 41 cents/MMBtu so far in 2024. In 2023 the discount averaged $1.70/MMBtu.
Source: S&P Global Commodity Insights
S&P Global Commodity Insights
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