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Kuwait and Turkey Among LNG Buyers as Asia Demand Still Muted

LNG

Kuwait and Turkey are among the buyers seeking spot cargoes on LNG with prices holding steady over the last month. Front month JKM has been trading around 12.6$/mmbu since 23 March.

  • Kuwait Petroleum is seeking two LNG cargoes on a DES basis for July and August delivery and Botas is looking for up to nine cargoes for April to December delivery to Turkey.
  • Asian demand remains muted with high storage levels after low demand over the winter. LNG stocks held by Japan utilities are up at 2.4m tons and well above the five year average of 1.95m tons.
  • The JKM-TTF spread is also holding around -1.3$/mmbtu with TTF prices holding above JKM across the forward curve.
    • TTF MAY 23 down -0.1% at 43.66€/MWh
    • JKM May 23 down 0% at 12.62$/mmbtu
    • JKM-TTF May 23 up 0$/mmbtu at -1.33$/mmbtu
    • US Natgas MAY 23 up 0.8% at 2.2$/mmbtu
Energy BulletsCommodities
Energy BulletsCommodities

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