LNG

Equinor, the Norwegian major and the UK’s Centrica, owner of the British Gas utility, have signed a deal for the delivery of more Norwegian pipeline natural gas over the next three winters and the accord will slightly lessen the need for more LNG deliveries to UK terminals.

UK natural gas prices hit a record level as system operator National Grid issued warnings on supply deficits and more coal-fired power was required in the absence of LNG shipments mostly drawn to North Asia by higher spot prices.

US LNG exports surged in the past week as overall global liftings fell back slightly and North Asia spot LNG prices advanced for January and February 2021 shipments compared with last week.