LNG

Click to Download

Click to Download

Summary

Shell is acquiring $16.4bln of Montney gas through ARC Resources while auctioning a portion of its LNG Canada stake to private equity for up to $15bln. The effect is upstream feed secured for decades and liquefaction infrastructure monetised at peak crisis valuation. LNG Canada exported a record 1.0mmt in April, implying 86 pct utilisation less than a year after first cargo.

Click to Download

Click to Download

The EU's spot-market ban on Russian LNG took effect on 25 April, nominally removing 3mtpa of flexible supply from the bloc's import mix. The cargo data complicates the front-running narrative: Q1 European arrivals are at record highs, but the elevated volume mostly reflects European demand pulling cargoes off the Asian transhipment route. With Qatar still in force majeure and EU underground storage at its thinnest spring fill since 2021, the Q4 pressure builds even as the spring impact stays muted.

Click to Download

Click to Download

Persian Gulf crisis reshapes supply, pricing and cargo routing in March.

Click to Download