US LNG Exports Fell Last Week but Still More Profitable to Asia

US LNG exports are still more profitable to Asia over Europe throughout the summer period according to BNEF as Asian LNG prices followed a surge in European gas prices yesterday.

• The US netback to Asia for May is 7.72$/mmbtu and to Europe is 6.94$/mmbtu.
• LNG prices in Asia rose above $10/mmbtu for the first time since January according to Bloomberg.
• The number of US LNG export cargoes fell to 22 last week from 25 the previous week with a total vessel capacity of 75bcf according to the EIA based on Bloomberg shipping data.
• Average natural gas deliveries to US LNG export terminals increased by 1.2% (0.1bcf/d) from last week, averaging 12.6bcf/d driven by and increase in deliveries to terminals in South Texasa and outside the Gulf Coast but with drop in deliveries to terminals in South Louisiana, according to data from S&P Global Commodity Insights.
• US terminal feedgas flows have however fallen further in recent days to 11.96bcf/d today according to Bloomberg with supply to Freeport down at just 0.115bcf/d.
  • TTF May 24 up 1.6% at 29.85€/MWh
  • JKM May 24 up 0.8% at 10.65$/mmbtu
  • JKM-TTF May 24 down 0$/mmbtu at 1.31$/mmbtu
  • US Natgas May 24 down 0.2% at 1.76$/mmbtu