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Iberian LNG Receipts Fall To Multi-Months Low

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Spanish LNG receipts are on track to fall to the lowest level for any month since September 2021, while Portuguese receipts could fall to their lowest since July 2021 amid weak consumption and lower prices, discouraging firms to use import terminals according to Argusmedia.

  • Spanish LNG deliveries of 2.6mn m³ on 1-24 January average out at 108,000 m³/d. Sendout has also fallen sharply, at just 500 GWh/d on 1-24 January — also on track to be the lowest since September 2021.
  • Gas consumption in Spain averaged 909 GWh/d on 1-24 January, putting demand this month on track to be the weakest for the month since at least 2006, driven by exceptionally low demand from industry, households and small businesses, and the power sector.
  • Portuguese unloaded around 422,000m³ of LNG, averaged around 17,600 m³/d on 1-24 January. Assuming no more vessels deliver at the facility, Portugal's January LNG unloadings could be at their lowest since August 2018.
  • Portuguese consumption of 119 GWh/d is on track to be the lowest for any month since April 2020.

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Spanish LNG receipts are on track to fall to the lowest level for any month since September 2021, while Portuguese receipts could fall to their lowest since July 2021 amid weak consumption and lower prices, discouraging firms to use import terminals according to Argusmedia.

  • Spanish LNG deliveries of 2.6mn m³ on 1-24 January average out at 108,000 m³/d. Sendout has also fallen sharply, at just 500 GWh/d on 1-24 January — also on track to be the lowest since September 2021.
  • Gas consumption in Spain averaged 909 GWh/d on 1-24 January, putting demand this month on track to be the weakest for the month since at least 2006, driven by exceptionally low demand from industry, households and small businesses, and the power sector.
  • Portuguese unloaded around 422,000m³ of LNG, averaged around 17,600 m³/d on 1-24 January. Assuming no more vessels deliver at the facility, Portugal's January LNG unloadings could be at their lowest since August 2018.
  • Portuguese consumption of 119 GWh/d is on track to be the lowest for any month since April 2020.