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LNG: JKM-TTF Spread Hits Year-to-date High

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The JKM-NWE LNG spread climbed to a year-to-date high, driven by a demand lull in Europe, Platts said.

  • The JKM-NWE LNG spread was assessed at $2.532/MMBtu, the strongest since Dec. 15.
  • Sentiment is improving in Asia, outpacing a demand dearth in NWE.
  • Europe has seen a healthy supply of natural gas, coupled with a balanced LNG market.
  • The contango structure is also much shallower, which is hampering demand in Europe as it disincentives storage.
  • While competition between Europe and Asia is expected to intensify over winter, healthy US supply should support demand through Q4 and Q1 2025.
  • The arbitrage window for the US to Asia over NWE remains marginally open, most US exported volumes have gone to Europe as the economics have favoured it so far.

 

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The JKM-NWE LNG spread climbed to a year-to-date high, driven by a demand lull in Europe, Platts said.

  • The JKM-NWE LNG spread was assessed at $2.532/MMBtu, the strongest since Dec. 15.
  • Sentiment is improving in Asia, outpacing a demand dearth in NWE.
  • Europe has seen a healthy supply of natural gas, coupled with a balanced LNG market.
  • The contango structure is also much shallower, which is hampering demand in Europe as it disincentives storage.
  • While competition between Europe and Asia is expected to intensify over winter, healthy US supply should support demand through Q4 and Q1 2025.
  • The arbitrage window for the US to Asia over NWE remains marginally open, most US exported volumes have gone to Europe as the economics have favoured it so far.

 

Keep reading...Show less