LNG prices ease in Europe and Asia as spot shipping charter rates jump while EU storage hits records
Liquefied natural gas and wholesale pipeline gas prices and futures eased this week to be just above recent seasonal levels pre-2022 for the North Asian spot cargo market and European gas benchmarks as shipping spot charter rates surged and European Union gas storage levels continued their record 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.
US natural gas reserves fall for first time since 2015 but increase in Ohio, Pennsylvania and Louisiana
Reserves of natural gas in the United States decreased by 1.9 percent, the first annual decline in the country since 2015, though they remained at their second-highest level ever and three states Ohio, Pennsylvania and Louisiana boosted their proved gas resources.
LNG shipments increase along with North Asia spot price as oil’s partial revival lifts energy markets
LNG cargo liftings were higher worldwide for a third straight week and North Asia spot LNG prices increased for January and February deliveries, but fell just short of the $7.000 per million British thermal units level before moving higher at the close.
Global LNG cargo liftings rise though Asia spot price stays under $7.00 and European gas is weaker
Global LNG cargo liftings were higher this week and North Asia spot LNG prices rose for December deliveries, though still failed to breach the $7.000 per million British thermal units level and fell back for January and February 2021 shipments compared with last week.
