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Spot LNG in Asia Supported by Warmer Weather and Export Maintenance

LNG

Northeast Asian spot LNG prices are supported by hotter than normal temperatures in the region along with potential lower supplies due to Prelude export maintenance.

  • Planned maintenance is expected to shut the Prelude floating LNG terminal in August for roughly two months according to Bloomberg sources.
  • Mozambique’s Coral Sul FLNG export facility is restarting following an outage since late May due to a three week maintenance period.
  • Front month JKM has risen from a low of 11.5$/mmbtu yesterday back up to just below 12.1$/mmbtu keeping the premium to TTF at around 1.5$/mmbtu today.
  • The August US netback to Asia is today at 7.99$/bbl according to Bloomberg and above the netback to Europe of 7.63$/mmbtu.
    • TTF JUL 23 down -3.3% at 33€/MWh
    • NBP JUL 23 down -3.5% at 81.65p/th
    • JKM Jul 23 up 0.1% at 12.09$/mmbtu
    • JKM-TTF Jul 23 up 0.2$/mmbtu at 1.51$/mmbtu
    • US Natgas AUG 23 unchanged at 2.67$/mmbtu

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