Weekly Average European Imports Still Above Normal

The outage at Freeport LNG export terminal in the US has not yet been seen in European LNG imports.

• TTF us currently up 1.3% today to 126€/MWh.
• The weekly average of LNG imports in to NWE is still well above the 5-year range at 164k mt compared to the average of 86k mt for this time of year. LNG imports historically fall during the summer months with lower European heating demand.
• 13 more LNG cargoes are expected into European ports between tomorrow and the end of the month. With an average Atlantic crossing taking about 14 days the first missing cargoes could potentially have been delivering from mid next week.
• As European prices have increased the JKM discount to TTF has increased. Global LNG prices have increase in response to supply issues but TTF pushed higher with the extra disruption from Russian Nord Stream pipeline imports. The Jul22 spread is now at -4.8$/mmbtu compared to around -2$/mmbtu last week. The August US LNG netback to Europe is 29.34$/mmbtu and to Asia is 25.27$/mmbtu.