Global LNG prices lose ground on week as EU storage builds but volatility persists amid shipping insecurity
Global liquefied natural gas and spot and future wholesale pipeline gas prices lost some ground over the past week though the market remained volatile as shipping insecurity on Middle East routes was expected to last into 2025.
LNG prices and futures jump even amid high storage as Israeli missile targets Iran while Qatar cuts back deliveries
European and Asian liquefied natural gas prices and futures surged again as Israel targeted military assets in Iran overnight with a wider Middle East conflict threatening LNG cargo deliveries from Qatar as departures were lower this week because of shipping security as well as weather issues.
LNG prices rebound as liftings increase along with spot shipping charter rates and with EU storage still building
Global liquefied natural gas prices rebounded this week led by European Union prices that reversed a 10-week slide with a double-digit increase as Asian spot cargo values also rose with shipping rates and against the background of a record EU gas storage build.
Asian spot cargo prices surge as ship hire prices drop while European LNG values rise on colder weather
North Asian spot cargo prices surged by over 14 percent, though failed to keep pace with the rising European Union benchmark as this week saw most leading EU LNG nations drawing on their gas storage as colder weather arrived and as shipping windows opened with falling charter rates.
European LNG benchmark Dutch TTF soars to 2022 record high while North Asian LNG spot cargo prices lag
The Dutch Title Transfer Facility price, the European Union benchmark for LNG and natural gas markets, hit a 2022 record while North Asia spot cargo prices lagged in comparison by over $15 per million British thermal units with shipments pointing at the EU valued at over $200 million each.
North Asian LNG and European gas benchmarks jump because of global supply worries and plant outages
European Union natural gas benchmarks and North Asia spot liquefied natural gas cargo prices advanced because of concerns that Russia could cut off the main pipeline link to Germany and cause a global LNG supply crisis at a time when US and Australian shipments were down because of outages.
European natural gas futures prices continue to spiral even amid crash in LNG spot shipping charter market
Natural gas wholesale futures prices in Europe broke records for a second day in a market of contrasts as sky-high prices for spot LNG carrier charters have finally crashed for both the East of Suez and West of Suez markets and by up to $70,000 per day.
Asian LNG prices jump and US LNG futures are up 10 percent while UK attracts Algerian and Qatari cargoes
Liquefied natural gas liftings from global plants will be lower in the coming week as prices for Asia jumped 5 percent and US LNG derivatives increased by more than 10 percent amid a rebound in already high European natural benchmarks after they attracted timely LNG cargoes for the UK from Algeria and Qatar.
London LNG shipbrokers report how few wish to forward fix their tonnage too early with winter beckoning
Shipbrokers in the London market reported a move to more charter activity in September as August had seen the LNG market feel very subdued on a prompt basis with notably fewer spot fixtures than in the previous month.
Charter rates fall
Sept 9 (LNGJ) - Shipping spot charter rates for LNG carriers dropped in the past week by $3,000 per day to between $67,000 per day and $63,000 per day in the West of Suez market for vessels of 155,000-165,000 cubic metres capacity.
East of Suez spot charter rates fell by the same amount to be quoted at between $64,000 per day and $60,000 per day, according to London brokers. One-year charter rates for the most modern vessels were unchanged at about $93,000 per day.
