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Spreads Keep LNG Heading to Europe

LNG

LNG flows continue to keep Europe supplied with gas as pipeline flows struggle.

  • NW Europe is expecting another 10 cargoes before the end of the month from US, Qatar and Nigeria. 24 cargoes have already arrived so far in July.
  • Net LNG imports into NW Europe are up over 180mcm/d compared to the seasonal normal of approximately 60mcm/d.
  • Spreads still encourage flows to Europe with TTF prices so strong. The estimated US netback to Europe is up to 44.91$/mmbtu with the netback US to Asia at 30.63$/mmbtu. The spreads remain firmly in favour of Europe for the whole of 2022.
Source: Bloomberg

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