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LNG: JKM/NWE Spread Hits Two Year Low: Platts

LNG
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The LNG price spread between Asia and Europe hit the lowest as Europe sought to replace Russian piped gas. 

  • The Platts NWE LNG vs JKM spread was 70.50 cents/MMBtu, the highest since Dec. 9, 2022.
  • As the JKM/NWE spread is negative it indicates Europe's competitive edge over Asia for LNG cargoes.
  • Seven cargoes were diverted from Asia to Europe for higher prices.
  • European LNG prices rose due to the cessation of Russian gas flows via Ukraine on Jan. 1.
  • Europe relies on dwindling storage and other nations' supply. EU gas storage levels dropped to 56.12% on Jan. 24. Europe must meet a 50% inventory target by Feb. 1.
  • Analyst forecasts European stocks will be 8% below last year's level by March end. Increased LNG demand from storage refill is expected this summer.

 

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The LNG price spread between Asia and Europe hit the lowest as Europe sought to replace Russian piped gas. 

  • The Platts NWE LNG vs JKM spread was 70.50 cents/MMBtu, the highest since Dec. 9, 2022.
  • As the JKM/NWE spread is negative it indicates Europe's competitive edge over Asia for LNG cargoes.
  • Seven cargoes were diverted from Asia to Europe for higher prices.
  • European LNG prices rose due to the cessation of Russian gas flows via Ukraine on Jan. 1.
  • Europe relies on dwindling storage and other nations' supply. EU gas storage levels dropped to 56.12% on Jan. 24. Europe must meet a 50% inventory target by Feb. 1.
  • Analyst forecasts European stocks will be 8% below last year's level by March end. Increased LNG demand from storage refill is expected this summer.

 

Keep reading...Show less