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Spreads Still Encourage LNG Supply to Europe

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JKM -TTF spread reduces but still favours flows to Europe despite a fall in TTF today on the back of a return towards milder weather after a cooler period over the coming weekend.

  • The US netback to Europe had risen in recent days back to 30.27$/mmbtu according to Bloomberg calculations before the TTF pull back today. The US netback to Asia is estimated at 19.18$/bbl.
  • Europe is currently expecting another 22 LNG cargoes into NW terminals this month. About 40 LNG vessels are currently at sea around Europe waiting for higher prices according to shipowner Flex LNG on Tuesday. Total European imports were up at 431mcm/d on Nov 14.
    • TTF DEC 22 down -7.3% at 114.99€/MWh
    • NBP DEC 22 down -8.7% at 273p/th
    • JKM Dec 22 up 0.9% at 27.4$/mmbtu
    • JKM-TTF Dec 22 up 2.4$/mmbtu at -7.42$/mmbtu
    • US Natgas DEC 22 down -4.3% at 5.78$/mmbtu
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JKM -TTF spread reduces but still favours flows to Europe despite a fall in TTF today on the back of a return towards milder weather after a cooler period over the coming weekend.

  • The US netback to Europe had risen in recent days back to 30.27$/mmbtu according to Bloomberg calculations before the TTF pull back today. The US netback to Asia is estimated at 19.18$/bbl.
  • Europe is currently expecting another 22 LNG cargoes into NW terminals this month. About 40 LNG vessels are currently at sea around Europe waiting for higher prices according to shipowner Flex LNG on Tuesday. Total European imports were up at 431mcm/d on Nov 14.
    • TTF DEC 22 down -7.3% at 114.99€/MWh
    • NBP DEC 22 down -8.7% at 273p/th
    • JKM Dec 22 up 0.9% at 27.4$/mmbtu
    • JKM-TTF Dec 22 up 2.4$/mmbtu at -7.42$/mmbtu
    • US Natgas DEC 22 down -4.3% at 5.78$/mmbtu