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LNG: Med LNG Markets Hit Premiums over Regional Gas Hubs: Platts

LNG
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West and East Med LNG markets have moved to a premium over their domestic gas hubs as LNG seaborne demand outweighs pipeline gas appetite, Platts said.

  • The DES Med Marker for November was at a 24.1 cents/MMBtu premium over Spain’s PVB hub, while the East Med for November was 7.7 cents/MMBtu above Italy’s PSV hub.
  • The East Med was at its first premium to PSV since Platts began assessing it in 2023.
  • High gas inventories in Iberia have kept domestic demand subdued in Spain, while gas demand for power generation has boosted LNG imports.
  • Italian PSV prices have slumped in September to date amid bearish fundamentals ahead of Q4.
  • Meanwhile, lower LNG supply from the Middle East – namely Qatar and Egypt – coupled with shipping constraints in the Red Sea have kept the region’s LNG prices elevated.
  • Egyptian buying has tightened up supply in the region, while the startup of Greece’s Alexandroupolis terminal should boost East Med demand.

 

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West and East Med LNG markets have moved to a premium over their domestic gas hubs as LNG seaborne demand outweighs pipeline gas appetite, Platts said.

  • The DES Med Marker for November was at a 24.1 cents/MMBtu premium over Spain’s PVB hub, while the East Med for November was 7.7 cents/MMBtu above Italy’s PSV hub.
  • The East Med was at its first premium to PSV since Platts began assessing it in 2023.
  • High gas inventories in Iberia have kept domestic demand subdued in Spain, while gas demand for power generation has boosted LNG imports.
  • Italian PSV prices have slumped in September to date amid bearish fundamentals ahead of Q4.
  • Meanwhile, lower LNG supply from the Middle East – namely Qatar and Egypt – coupled with shipping constraints in the Red Sea have kept the region’s LNG prices elevated.
  • Egyptian buying has tightened up supply in the region, while the startup of Greece’s Alexandroupolis terminal should boost East Med demand.

 

Keep reading...Show less