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NATGAS: No Spanish LNG Arrival Restrictions Expected Despite High Storage

NATGAS
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Spain’s gas system looks likely to avoid the winter congestion and delayed LNG arrivals, as seen in previous years, despite full storage, according to Montel sources.

  • Underground storage is Spain reached 100% of capacity on August 18, according to GIE, and LNG tanks are around 70% of capacity, according to TSO Enagas.
  • No arrival restrictions are expected in the coming months despite potential for LNG tanks to reach 75% capacity in the short term, said Enagas.
  • The system could handle a continuation of the average of 17 LNG cargoes per month seen in the year to date. Domestic prices would need to exceed TTF and spreads to favour Europe over Asia for the rate of arrivals to increase.
  • Spanish prices face more bearish than bullish risk unless Asian LNG demand increased significantly, said Jacopo Casadei at Energy Aspects.
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Spain’s gas system looks likely to avoid the winter congestion and delayed LNG arrivals, as seen in previous years, despite full storage, according to Montel sources.

  • Underground storage is Spain reached 100% of capacity on August 18, according to GIE, and LNG tanks are around 70% of capacity, according to TSO Enagas.
  • No arrival restrictions are expected in the coming months despite potential for LNG tanks to reach 75% capacity in the short term, said Enagas.
  • The system could handle a continuation of the average of 17 LNG cargoes per month seen in the year to date. Domestic prices would need to exceed TTF and spreads to favour Europe over Asia for the rate of arrivals to increase.
  • Spanish prices face more bearish than bullish risk unless Asian LNG demand increased significantly, said Jacopo Casadei at Energy Aspects.