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Floating LNG Off Europe Is Falling

LNG

Floating LNG storage off European costs is falling to around five vessels this week, down from 13 a week ago according to ICIS Analyst Alex Froley.

  • Earlier this winter, around 15-20 laden LNG tankers were waiting near southern Spain and circling in the Mediterranean, as well as 1-2 tankers around NW Europe, Froley added.
  • The current price spread of only around $0.50/MMBtu from December delivery to peak-winter months of January/February does not look a big enough incentive to encourage further waiting around, which is likely to have incentivized tankers to unload in the past week.
  • The latest Bloomberg estimates on LNG on water that has not unloaded for at least 20 days fell by 9.6% last week to 4.21mn tons as of 19 November. LNG that has not unloaded for at least 30 days fell to 1.922mn tons, down from 2.202mn tons during the same period.
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