LNG
Gas spreads suggest the US netback to Europe is almost on a par with the netback to Asia after support to TTF prices this week. The estimated US netback to Europe has increased to 14.9$/mmbtu while the US netback to Asia is 15.20$/mmbtu.
- The front month JKM-TTF spread briefly moved back into negative territory yesterday having traded positive since 19 Dec.
- US netbacks to Europe and Asia for the coming summer period are near parity although slightly favour flows to Europe.
- Total EU LNG sendout is steady at 450mcm/d on 31 Jan having dipped down to 395mcm/d on 29 Jan as demand eased on the warmer weather in NW Europe.
- January LNG imports to NW Europe were down to 79 cargoes and 13.32m liquid m3 from 90 cargoes and 15.10m liquid m3 seen in December according to Bloomberg data. Another 26 cargoes are currently expected in to terminals in NW Europe in the next two weeks.
- TTF MAR 23 up 1.2% at 57.7€/MWh
- NBP MAR 23 up 3.5% at 149p/th
- JKM Mar 23 up 0.1% at 19$/mmbtu
- JKM-TTF Mar 23 down -0.4$/mmbtu at 0.58$/mmbtu
- US Natgas MAR 23 down -0.2% at 2.45$/mmbtu
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