LNG

Energy Aspects remains bearish against JKM–TTF Q1 26 spreads amid dwindling freight rates. Some recent fixtures for two-stroke LNG vessels in the Atlantic basin fell below $100,000 per day, opening the arbitrage for US LNG heading to markets east of Suez via the Cape of Good Hope.

Nhon Trach 3&4, Vietnam’s first two LNG-fired power plants were inaugurated on Sunday. The US$1.4 billion, 1.6 GW project secured US$1.1 billion in financing – without state guarantees.

Shizuoka Gas, a Japanese city gas utility, has signed a seven-year contract to import LNG starting April 2027 indexed at a 12% slope to Brent crude oil prices, traders told S&P Global Commodity Insights. Shizuoka is reportedly seeking to source five cargoes per year under the contract, concluded on a delivered ex-ship (DES) basis.

Cosco Shipping is expanding its exposure on LNG-capable tonnage with an order for 87 new vessels from several yards affiliated with China State Shipbuilding Corporation (CSSC). The order, valued at more than RMB 50 billion (about US$7 billion), covers container ships, bulk carriers, tankers and car carriers scheduled to be delivered through to 2030.

Turkey’s state energy company Botas has renewed its pipeline gas contract with Russia’s Gazprom, keeping volumes unchanged at 21.8 bcm/y. Analysts say this removes much of the upside risk to Turkey’s LNG demand in 2026.

US midstream company Energy Transfer is targeting financial close on its 16.5 mtpa Lake Charles LNG project in 2026, having secured sufficient offtake commitments to underpin project finance.

The US Federal Reserve’s interest rate cut has had little effect on oil and LNG prices as uncertainty about the macro-economic outlook stays high. “For commodity markets, the message is clear: monetary policy is no longer a dominant driver of price direction,” Rystad analysts commented.

Aktor’s joint venture with Greece’s state gas supplier Depa has signed a deal with Venture Global to import US LNG for domestic use and re-export to Ukraine and Romania. Initial re-exports are intended to start as early as 2026.

Galveston LNG Bunker Port has signed a Heads of Agreement with an international shipping company to supply LNG as marine fuel starting in 2029.

Not a single US LNG cargo transited the Panama Canal during the first three weeks of November, according to S&P Global Commodities at Sea data, as the arbitrage window prompted most tankers to head to Europe rather than Asia.