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US LNG Cargoes to EU Increase Despite Low Terminal Feedgas Flows


US LNG exports to Europe recovered in the week ending March 13 to 26 cargoes compared to 23 the week before, according to the EIA despite ongoing curtailment to supplies to US LNG export terminals.

  • The cargoes have a total capacity of 87bcf according to Bloomberg shipping data.
  • Average natural gas deliveries to US LNG export terminals decreased by 1.3% w/w to average 13.3bcf/d, according to S&P Global Commodity Insights.
  • US LNG exports are slightly more profitable to Asia over Europe for April and throughout the remainder of the summer period according to BNEF. The US netback to Asia for April is 6.24$/mmbtu and to Europe is 6.11$/mmbtu.
  • A total of 23 LNG cargoes arrived into NW Europe between Mar. 1 - 12 according to Bloomberg with another 23 scheduled before the end of the month. Total arrivals during February were 60 cargoes.
  • European LNG sendout was down at 330mcm/d on Mar. 12 compared to an average so far in March of nearly 360mcm/d.
  • Concern for LNG supplies to Europe from US and competition from Asia have combined with cooler weather later in March to reverse a previous decline in TTF front month back to near flat on the week.
    • TTF APR 24 up 2.7% at 26.75€/MWh
    • TTF SUM 24 up 2.4% at 26.97€/MWh
    • TTF WIN 24 up 1.7% at 30.72€/MWh
    • TTF SUM 25 up 1.6% at 29.2€/MWh

Source: MNI / Bloomberg

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