CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

LNG Traders Look to Procure Asian LNG on Panama Drought

LNG

LNG traders are looking to procure Asian shipments to avoid the Panama Canal, as drought conditions led to cuts in slots for ship transits according to Bloomberg.

  • Panama Canal authorities have announced to constrain traffics with 25 vessels that can pass per day from 3 November, compared with 38 vessels under normal conditions. See here for more detailed slot plan: https://marketnews.com/panama-canal-authority-reduced-slots-on-drought
  • Traders are moving to offload US LNG cargoes into Europe, instead of sending fuel to Asia via the log-jammed canal or longer trade routes, like the Cape of Good Hope.
  • While traders including Shell and Vitol still have to meet Asian commitments are therefore looking to procure alternative supply to the region for December and January, traders with knowledge of the matter said.
  • US liquefied natural gas exports are currently more profitable to Asia in December, January 2024 and February 2024.
  • The US LNG netback to Europe is currently $10.77/MMBtu for December, up from $10.73/MMBtu yesterday.
  • The US LNG netback to Asia is currently $12.67/MMBtu for December, down from $13.03/MMBtu.
  • JKM Dec 23 down -2.7% at 17.14$/mmbtu
  • TTF DEC 23 up 0.1% at 47.8€/MWh
Energy BulletsPower BulletsCommodities
Energy BulletsPower BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.