LNG
Aggressive European bids have ben met with scarce selling interest as sellers in the global LNG market wait for stronger buying interest, sources told Platts.
- Recently, buyers across NWE have been bidding higher to attract cargoes away from Asia to replenish inventories.
- Strong arbitrage economics initially led to European players redirecting those cargoes towards Asia, where netbacks were stronger.
- Other hubs are now competing with Asia and Europe for summer cargoes typically used to restock ahead of winter.
- Traders are awaiting anticipated rising demand from Latam and North Africa, such as Brazil, Argentina, and Egypt.
- Egypt, previously a net exporter, is expected to import up to 18 cargoes to meet local demand. EGAS issued a tender for a May cargo.
- Brazil and Argentina are also expected to import more LNG over the Northern Hemisphere summer.
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