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Global Natgas Prices Fall on Muted Demand

LNG

Covid restrictions and protests in China are weighing on fuel demand expectations resulting in muted LNG buying activity from China. Northeast Asia spot LNG prices have fallen to the low 30$/mmbtu.

  • The front month JKM discount to Brent has been hovering between -6$/mmbtu and -10$/mmbtu over the last couple of weeks. The US netback to Europe is still estimated approximately 10$/mmbtu higher than the netback to Asia.
  • Spot LNG shipping rates have fallen 21% wk/wk as vessel used as floating storage have started to delivery cargoes to terminals according to Spark Commodities. Atlantic basin spot prices on Friday fell from $475k/day to $375k/day and Pacific basin from $356k/day to $97k/day.
  • European LNG net imports last week averaged around 450mcm/d.
    • TTF DEC 22 down -5.1% at 118€/MWh
    • NBP DEC 22 down -2.2% at 282p/th
    • JKM Dec 22 down -2.5% at 29.96$/mmbtu
    • JKM-TTF Dec 22 up 1.5$/mmbtu at -5.86$/mmbtu
    • US Natgas DEC 22 down -5.8% at 6.62$/mmbtu
Energy BulletsCommodities
Energy BulletsCommodities

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