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LNG Spreads Favour Europe over Asia

LNG

The LNG impact from the outage at Freeport LNG on European LNG imports is still not clear.

  • The force majeure will stop at least 10-12 cargoes with many of these likely to have been heading to Europe. Market spreads would suggest that spot cargoes should still head to Europe and help fill any missing volumes.
  • The US LNG netback to Europe is still above to Asia although higher JKM prices have narrowed the difference. Estimates show US to Europe is 14.98$/mmbtu and to Asia is 12.41$/mmbtu. Netbacks are now only just in favour of Europe by the end of the year in December.
  • 13 more vessels are currently expected into NW Europe this month.
  • Reduced output is expected from Dunkirk LNG on Tuesday for testing after planned works finished on Saturday.
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