Israel shuts Chevron-operated Tamar gas field in war zone as US and European natural gas prices jump to outpace oil
Israel has suspended production at the Tamar natural gas field supplying Israel, Jordan and Egypt offshore the East Mediterranean coast and not far from the Gaza strip after the terrorist attacks against Israeli civilians over the weekend that have spread regional instability and affected natural gas prices more than crude oil prices.
European natural gas prices crash as North Asia LNG values briefly regain the limelight at least for February
The Japan-Korea Marker price for spot LNG cargoes for Japan, China and South Korea moved back to the trading limelight for the February 2023 trading window as the European Union benchmark gas price crashed from record highs amid less severe Continental weather, though withdrawals from EU gas storage increased.
Tight market and high cargo prices fail to deter buyers as LNG flows to European and North Asian terminals
High demand and cargo valuations are prevailing again in the liquefied natural gas market with more shipments pointing at North Asia at 5 percent lower prices than last week amid heavy traffic also around European regasification facilities as the high-flying European Union benchmark edged higher on the week by another 2 percent.
European LNG retains substantial premium over North Asian spot prices because of Asia’s power flexibility
European natural gas market prices remained at a substantial premium to North Asia spot LNG values, which were now even lower than the UK National Balancing Point price for November as LNG demand was very high in Europe for early winter, while Asian countries appeared comfortable with their current flows and storage as coal remained an easy option there in colder weather.
US forecasts Henry Hub natural gas spot price of $8.69 per MMBtu while LNG exports rise 22 percent
The US government has forecast average Henry Hub benchmark natural gas spot prices of $8.69 per million British thermal units in the third quarter as LNG exports rise 22 percent in 2002 with Europe being the main destination.
North Asia LNG spot prices jump again along with US futures and Dutch TTF amid higher cargo flows
Liquefied natural gas prices jumped for the September delivery cycle for North Asia spot shipments along with the number of cargo liftings at global liquefaction plants as US front-month Henry Hub natural gas futures broke through the barrier of $4.000 per million British thermal units for first time in 2021.
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.
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.
LNG liftings gather pace backed by surge to $6.87 per MMBtu in Asian spot price and UK values
Around 102 LNG shipments were being lifted this week versus 91 last week at global liquefaction plants as the US saw 14 cargoes departing from its facilities and the North Asia spot LNG price moved above the $6.87 mark, while US and European natural gas benchmarks hit $2.98 per MMBtu and $5.65 per MMBtu respectively.
US LNG export rise fails to ease domestic surplus concerns but price drop is offset by Europe and Asia
US LNG exports increased to 11 shipments in the past week from six in the previous week, backed by a surge in feed-gas supplies to the main liquefaction plants that reached its highest level since May 2020, though US prices plunged on concern about the high surplus in the latest storage figures.
