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Med LNG Competition vs European Hubs Weakens

LNG

Mediterranean LNG prices succumbed to weaker spreads against other European markets as a lack of demand and healthy inventory levels make the region less competitive, Platts said.

  • Platts assessed the Med market for August at $10.211/MMBtu July 3, a 3 cents/MMBtu discount to NWE. It averaged a 1.25 cents/MMBtu discount across June.
  • Traders said the weaker prices in the Med were due to the lack of a demand catalyst, amid healthy inventories and strong renewable outputs.
  • Imports into the region in June were at 2.02m mt, the lowest since March.
  • Traders also told Platts there may be some increased spot demand in the near term, with oil prices elevated but gas prices relatively weaker.
  • The European market has also seen more offers following the conclusion of the recent 17-20 cargo Egyptian tender. Sellers had been holding offers to sell into the higher priced Egyptian market.
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