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LNG: Markets Watching Weather & Outages Closely Despite High Storage Levels

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European LNG rose 2% on Monday to EUR 37.20 after a high of EUR 37.50 boosted by forecasts of below average temperatures in north-western Europe and outages. Prices are still down 6.6% this month but off the September 5 low of EUR 35.55, as storage levels are well ahead of schedule.

  • Since Russia’s invasion of Ukraine, Europe has become reliant on global gas markets and so prices responded to additional capacity reductions at Australia’s Ichthys LNG export facility. Norwegian maintenance works continues to impact flows and some have been extended. Markets are also nervous re the impact of Tropical Storm Francine on US gas production and LNG exports.
  • Bloomberg has calculated from US data that Francine could impact 9 major oil and gas platforms and 12 Gulf coast refineries. Gas production of 298.2m cf/d could be affected. Chevron, Exxon and Shell have evacuated some staff and closed some facilities. It is expected to make landfall on Wednesday in Louisiana as a category 1 hurricane.
  • US natural gas prices fell 5.7% to $2.15 to only around a percent higher in September.
  • North Asian gas rose 1.2% on Monday to be down 6.6% this month. The market here is also monitoring Australian and US flows. According to Bloomberg, Russia’s sanctioned Arctic LNG 2 plant has shipped to Asia for the first time. 
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European LNG rose 2% on Monday to EUR 37.20 after a high of EUR 37.50 boosted by forecasts of below average temperatures in north-western Europe and outages. Prices are still down 6.6% this month but off the September 5 low of EUR 35.55, as storage levels are well ahead of schedule.

  • Since Russia’s invasion of Ukraine, Europe has become reliant on global gas markets and so prices responded to additional capacity reductions at Australia’s Ichthys LNG export facility. Norwegian maintenance works continues to impact flows and some have been extended. Markets are also nervous re the impact of Tropical Storm Francine on US gas production and LNG exports.
  • Bloomberg has calculated from US data that Francine could impact 9 major oil and gas platforms and 12 Gulf coast refineries. Gas production of 298.2m cf/d could be affected. Chevron, Exxon and Shell have evacuated some staff and closed some facilities. It is expected to make landfall on Wednesday in Louisiana as a category 1 hurricane.
  • US natural gas prices fell 5.7% to $2.15 to only around a percent higher in September.
  • North Asian gas rose 1.2% on Monday to be down 6.6% this month. The market here is also monitoring Australian and US flows. According to Bloomberg, Russia’s sanctioned Arctic LNG 2 plant has shipped to Asia for the first time.