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Spreads encourage LNG to Europe

LNG

NW Europe LNG continues running near capacity as a record amount of LNG arrives into European ports.

  • With European gas prices trading well above Asia, flows are expected to continue as Europe looks to LNG to replace Russia gas supply and fill storage ahead of next winter.
  • US LNG netback for June to Europe is currently 22.74$/mmbtu compared to 13.59$/mmbtu to Asia according to Bloomberg data.
  • The netbacks remain in favour of supply to Europe throughout the summer with Nov still 22.8$/mmbtu to Europe and 17$/mmbtu to Asia
  • The weekly average LNG imports into NW and Eastern Europe stand at 284k metric tonnes compared to a 5 year average of about 125k and up from about 150k at the start of the year.
  • Europe is relying on future LNG flows for security of supply. Germany have chartered 4 floating LNG terminals which would put them ahead of UK in LNG import capacity and only behind Spain in EU. The import capacity would cover about a third of Germany’s annual consumption with hope for operations to start at the end of the year.
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