LNG

European liquefied natural gas price benchmarks declined by over 13 percent this week as supplies were ample and margins widened to over $4 per million British thermal units between the Pacific and Atlantic basin values .

Asian liquefied natural gas spot prices dropped as cargo liftings increased while the European Union wholesale gas benchmark declined for a fourth week to just over $10 per million British thermal units exactly one year after hitting more than $50 per MMBtu.

European natural gas market prices and Asian spot LNG cargo values slipped to near last year’s levels as hotter weather temporarily dispelled gas supply concerns and available shipping remained short for the Northern Hemisphere winter to come.

The European Union was scheduled to hold an emergency energy council meeting in Brussels on September 30 to discuss the consequences of the two leaking Nord Stream I and Nord Stream II gas pipelines in the Baltic Sea that appear to have been sabotaged and to also address high energy prices.

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.

Liquefied natural gas spot demand for North Asia showed little signs of declining much through the North Hemisphere winter into 2022 as overall cargo liftings rose and European gas benchmarks lost further ground compared with the Pacific Basin amid a more than 5 percent drop in crude oil prices.

Oct 11 (LNGJ) - The 261,000 cubic metres capacity Q-Max LNG carrier, the “Mekaines”. is scheduled to deliver a cargo on October 14 to the UK South Hook import terminal at Milford Haven in Wales from the Ras Laffan plant in Qatar.

   The shipment was lifted on September 26 and is arriving in the UK as the National Balancing Point (NBP) benchmark natural gas price was quoted at the equivalent of $30.25 per million British thermal units, down from last week’s record levels.

Aug 31 (LNGJ) - While most LNG cargoes were still pointed at Asia, several were heading for Europe with the 164,700 cubic metres capacity carrier “LNG Fukurokuju” currently unloading a US shipment at the Greek import terminal at Revithoussa from the Cove Point plant in Maryland, according to shipping data. Another cargo was scheduled to arrive on September 3 at the French Atlantic Coast import terminal at Montoir-de-Bretagne from the Nigerian plant at Bonny Island on the 148,450 cubic metres capacity vessel “LNG IMO”.

   The shipments were arriving as the Dutch Title Transfer (TTF)) natural gas price, the benchmark for Continental Europe, was at a seasonally high equivalent of $17.15 per million British thermal units. The other European benchmark, the UK National Balancing Point, was slighly lower at the equivalent of $16.85 per MMBtu.

North Asian spot liquefied natural gas cargo prices soared to over $20 per million British thermal units amid colder weather in China and Japan as 111 shipments were lifted this week from plants in the Pacific and Atlantic Basins as well as the Arab Gulf region and were pointing at Asia.