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JKM spread to TTF closes but still favours Europe

LNG

JKM spread to TTF closes but price still suggest flows in favour of Europe over Asia.

  • TTF has fallen more than JKM to the closest since the start of May but remains at a 4$/mmbtu premium for Jun22.
  • The Jul netback from US to Europe is at 18.28$/mmbtu compared to 11.65$/bbl to Asia and remains in favour of Europe throughout the summer according to Bloomberg data.
  • Estimated flows to US LNG export terminals are up to 13.35bcf, the highest since the end of March.
  • Weekly average LNG imports to NW Europe have fallen from a peak of 284k mt earlier this month to 187 last week but they remain at the top of the 5-year average range. 3 more LNG cargoes are due to arrive into NW Europe this month.

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