European and North Asia LNG cargo prices drop but US and Asian futures appear to put limit on further falls
US natural gas prices and Asian spot cargo values signalled that the price of gas around the world had dropped far enough, led down by high European supply levels and record storage, as future prices in the US and West Asia rebounded even as the Red Sea and Middle East security situation in the past week deteriorated while failing to push crude oil prices significantly higher.
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.
Charter rates steady
July 22 (LNGJ) - Shipping spot charter rates for LNG carriers were unchanged in the past week. Rates in the West of Suez market were quoted at between $67,000 per day and $63,000 per day for vessels of 155,000-165,000 cubic metres capacity.
East of Suez spot charter rates were between $55,000 per day and $51,000 per day, according to London brokers. However, one-year charter rates for the most modern vessels increased slightly to be around $93,000 per day.
LNG charter rates up
Oct 8 (LNGJ) - Shipping charter rates for LNG carriers in the spot market increased over the past week by up to $6,500 per day. Rates were quoted at an average of between $64,000 per day and $66,000 per day West of Suez and at rates of between $67,5000 per day and $69,500 per day East of Suez for vessels of between 155,000-165,000 cubic metres capacity, according to various brokers.
