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LNG
LNG floating storage cargoes are starting to build up offshore the coast of Europe, such as the Cool Rider, which has been circling off the southwest of the UK since around 9 September according to ICIS.
- Around nine floating storage cargoes were counted off Europe earlier this week, three by northwest Europe and six around southern Spain and don't seem to have any immediate plans to deliver.
- They could be waiting for higher demand and higher prices later in winter with Europe's onshore gas storage currently at high levels and the weather remaining fairly warm. However, this comes at the cost of higher shipping charges and cargo boil-off.
- The vessels positioned by southern Spain could also have the option of heading through the Suez Canal if demand picks up in Asia.
- Up to around 30 cargoes have been floating off Europe at the peak in previous winters. If September and early October remain mild weather, the numbers could continue to build this year.
- LNG volume at sea for at least 20 days was up to the highest since July at 2.82m metric tonnes according to Bloomberg data for 18 Sep.
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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