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Spreads Ease but Still Favour Europe

LNG

LNG imports maintaining record seasonal levels with Europe so reliant on supplies due to low Russian pipeline flows. Imports are approximately 193mcm/d compared to a normal of 60mcm/d.

  • The JKM-TTF spreads has closed today to -13.3$/mmbtu as TTF has fallen back away from 200€/MWh but remains strongly in favour of flows to Europe over Asia.
  • The US netback to Europe for Sep is today at 49.96$/mmbtu compared to 33.71$/mmbtu to Asia.
  • TTF SEP 22 down -3.6% at 191.7€/MWh
  • TTF WIN 22 down -3.1% at 188.3€/MWh
  • TTF SUM 23 up 1.2% at 141.4€/MWh

Source: Bloomberg

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