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TTF at Premium to JKM as EU Net LNG Imports Edge Higher


EU LNG imports have averaged approximately 400mcm/d over the week to Oct 17 as the TTF premium to JKM has narrowed but netbacks still encourage flows to Europe.

  • Early this week the front month JKM-TTF spread narrowed to the near parity and closest since May as European supply fears have eased. A TTF recovery in the last two days driven by concerns for cold weather and supply risks has brought the spread back to -5$/mmbtu.
  • The US netback to Europe for December has fallen to 31.69$/mmbtu but the netback to Asia has also drifted lower to 20.80$/bbl. The netback to Europe remains at over a 10$/mmbtu throughout the current winter season and should help maintain strong imports.
    • TTF NOV 22 up 10% at 123.8€/MWh
    • NBP NOV 22 up 19.4% at 218.17p/th
    • JKM Nov 22 down -2.4% at 28.98$/mmbtu
    • JKM-TTF Nov 22 down -1.7$/mmbtu at -5.38$/mmbtu
    • US Natgas NOV 22 up 1.6% at 5.55$/mmbtu

Source: Bloomberg

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