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LNG into NW Europe Increasing Ahead of Heating Season


LNG imports into NW Europe averaged over 400mcm/d last week up from 375mcm/d the previous week.

  • Import into NW Europe are up at the highest since April as European prices keep a premium over Asia markets despite the ongoing decline in TTF. The falling TTF prices have brought the front month JKM -TTF spread down to the closest since early September. The US netback to Europe for December is estimated at 37.08$/mmbtu and the netback to Asia at 23.27$/mmbtu according to Bloomberg calculations.
  • NW Europe is expecting another 24 LNG cargoes to deliver into NW Europe before the end of the month.
  • TTF NOV 22 down -7.1% at 131.9€/MWh
  • NBP NOV 22 down -8.6% at 238.81p/th
  • JKM Nov 22 down -0.2% at 34.78$/mmbtu
  • JKM-TTF Nov 22 up 2.7$/mmbtu at -3.94$/mmbtu
  • US Natgas NOV 22 down -4.5% at 6.17$/mmbtu

Source: MNI / Bloomberg

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