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Gas Spreads Still Encourage Strong LNG into Europe


LNG imports into NW Europe remain steady around 200mcm/d with European prices maintaining a premium over Asia markets.

  • TTF front month gas has fallen back below 300€/MWh today, but spreads still favour LNG spot cargo deliveries to Europe with the spread to JKM at about 19.4$/mmbtu.
    • TTF SEP 22 down -17.6% at 279.36€/MWh
    • TTF WIN 22 down -11.7% at 305€/MWh
    • TTF SUM 23 down -7.2% at 285€/MWh
    • JKM Sep 22 down -1.7% at 68.8$/mmbtu
    • JKM-TTF Sep 22 up 0.6$/mmbtu at -19.4$/mmbtu
    • The graph below shows net LNG imports in to Europe compared to the 5- year range (in mcm/d):

Source: Bloomberg

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