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LNG: Closed Arb to Asia Keeps Spanish LNG Re-Exports in EU: Platts

LNG
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Spanish LNG re-exports saw a strong start to November with current volumes already at their highest monthly level since July, with a closed arbitrage to Asia confining re-exported volumes in the Atlantic, Platts said.

  • Spanish LNG re-exports have hit 90k mt as of Nov. 11. By comparison, this figure stood at 20k mt, or two cargoes in October, 40k mt in August, and 160k mt in Oct. 2023.
  • Given unfavorable arbitrage economics to Asia, traders expect most Atlantic volumes to remain in the basin in the near-term. Consequently, Spanish re-exports can help satiate any additional regional demand.
  • The most likely outlet is seen in the east-Med, including Turkey, Greece, and Italy.
  • However, low inventories at Spanish terminals, coupled with constraints on exporting material originating in Russia could restrict the ability to find homes for these volumes, Platts added.

 

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Spanish LNG re-exports saw a strong start to November with current volumes already at their highest monthly level since July, with a closed arbitrage to Asia confining re-exported volumes in the Atlantic, Platts said.

  • Spanish LNG re-exports have hit 90k mt as of Nov. 11. By comparison, this figure stood at 20k mt, or two cargoes in October, 40k mt in August, and 160k mt in Oct. 2023.
  • Given unfavorable arbitrage economics to Asia, traders expect most Atlantic volumes to remain in the basin in the near-term. Consequently, Spanish re-exports can help satiate any additional regional demand.
  • The most likely outlet is seen in the east-Med, including Turkey, Greece, and Italy.
  • However, low inventories at Spanish terminals, coupled with constraints on exporting material originating in Russia could restrict the ability to find homes for these volumes, Platts added.

 

Keep reading...Show less