LNG

LNG price spreads between the Japan Korea Market (JKM) and the Dutch Title Transfer Facility (TTF) for balance of winter 2024/25 contracts have fallen, but analysts reckon “this drop is overdone.” Analysts expect the JKM-TTF spread will rise above US shipping differentials via the Panama Canal, opening the arbitrage for US spot cargoes to head to Asia.

Spreads narrowed to $0.53 per million British thermal units (MMBtu) in recent days, down from around $1.13/MMBtu in mid-September – with little fundamental change. Though freight rates have fallen, key US shipping differentials via the Panama Canal have delinked only by an average $0.18/MMBtu month-on-month, writes our Markets Editor, Anja Karl. 

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