LNG

Egypt’s state energy company EGAS has reduced its LNG imports to the Ain Sokhna regas terminal, chartered from Hoegh LNG, by more than a third to 500 million cubic feet per day (mmcf/d). Situated east of Cairo, the Hoegh Gallon FSRU is on an interim charter from the Norwegian shipping company Hoegh, and had been originally destined for Australia.

Global LNG markets have been pretty unphased by last week’s US election results: near-term demand fundamentals are net bearish as traders await the onset of more severe winter weather. Looking at Q1-2025, uncertainty abounds with regards to Egypt’s LNG demand due to insufficient domestic gas production and escalating tensions in the Middle East.