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LNG: LNG Vessel Diversions Continue This Week

LNG
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Changes in gas spreads between Asia and Europe have resulted in multiple LNG vessel divisions this month with more seen this week. BP's Aristos 1, the Cool Rider and the Gaslog Windsor have all switched target destinations this week according to ICIS.

  • US LNG natural gas exports are marginally more profitable to Asia in January and February, while Europe is the premium market in March, BNEF shows. The US netback for Europe is currently $10.73/mmbtu for January 2025, compared to $11.08/mmbtu for Asia.
  • The front month JKM vs TTF spread is currently around +0.8/mmbtu having switched from over -$0.5/mmbtu in mid November when TTF prices spiked on Russia gas supply fears.
  • BP's Aristos 1 was heading to Asia, reversed back west into the Atlantic, but is now signalling for the Pacific again.
  • The Cool Rider has switched towards UK Milford Haven after previously signalling Brazil.
  • The Gaslog Windsor has changed destination three times in a single voyage from China, to Thailand, then to the UK and is now signalling to Turkey.
    • TTF JAN 25 down 1% at 46.23€/MWh
    • JKM Jan 25 up 0.7% at 14.97$/mmbtu
    • JKM-TTF Dec 24 up 0.2$/mmbtu at 0.86$/mmbtu
    • US Natgas JAN 25 up 3.6% at 3.32$/mmbtu

 

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Changes in gas spreads between Asia and Europe have resulted in multiple LNG vessel divisions this month with more seen this week. BP's Aristos 1, the Cool Rider and the Gaslog Windsor have all switched target destinations this week according to ICIS.

  • US LNG natural gas exports are marginally more profitable to Asia in January and February, while Europe is the premium market in March, BNEF shows. The US netback for Europe is currently $10.73/mmbtu for January 2025, compared to $11.08/mmbtu for Asia.
  • The front month JKM vs TTF spread is currently around +0.8/mmbtu having switched from over -$0.5/mmbtu in mid November when TTF prices spiked on Russia gas supply fears.
  • BP's Aristos 1 was heading to Asia, reversed back west into the Atlantic, but is now signalling for the Pacific again.
  • The Cool Rider has switched towards UK Milford Haven after previously signalling Brazil.
  • The Gaslog Windsor has changed destination three times in a single voyage from China, to Thailand, then to the UK and is now signalling to Turkey.
    • TTF JAN 25 down 1% at 46.23€/MWh
    • JKM Jan 25 up 0.7% at 14.97$/mmbtu
    • JKM-TTF Dec 24 up 0.2$/mmbtu at 0.86$/mmbtu
    • US Natgas JAN 25 up 3.6% at 3.32$/mmbtu

 

Keep reading...Show less