LNG on Water for 30 Days Remains High

Floating LNG cargoes - LNG that was exported or re-exported at least 30 days ago and has not yet unloaded at a destination – remained high at 2.4mn tons as of 6 November, with around 25% of all volumes located around Europe, as mild temperatures, high storage levels and demand destruction are limiting demand according to the Bloomberg mapping tool.

• Floating storage for at least 30 days remains above last year’s levels of 2.2mn tons and above the five-year average of 1.4mn tons.
• In comparison, LNG on water for at least 20 days fell last week to 4.77mn tons, down from 5.4mn tons the week prior, but remained up by 10% from 2022 levels and 55% above the 2018-2022 average.
• Levels have already come off from October highs and are likely to further decline in the coming weeks as winter demand picks up and net storage withdrawals increase, replicating last year’s trend.
• Around 25% - equivalent to 8 cargoes – are located around Europe, while the rest is heading toward or already is in Asia.
• Some cargoes that were located around Europe have floated for more than two months.