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Strong EU LNG Imports due to High TTF Prices

LNG

The recent spike in TTF has pushed the spread to JKM out to as much as -27$/mmbtu before pulling back to -19$/mmbtu.

  • These spread levels should continue to send spot cargoes to Europe in favour of Asia. Net LNG imports to Europe are about 130mcm/d greater than the 5-year average expected for this time of year.
  • The US LNG netback to Europe for September is estimated at 49.35$/mmbtu and to Asia is estimated at 29.18$/mmbtu.
  • TTF AUG 22 up 0.5% at 201.01€/MWh
  • JKM Aug 22 up 2.1% at 40.21$/mmbtu

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