Rotterdam’s LNG bunker price rose by $9/mt due to reduced gas supplies from Norway and Russia, while Singapore’s price dropped by $6/mt due to increased supply from Australia’s LNG terminal and lower demand, narrowing the price gap, reports engine.online.
LNG
Rotterdam’s LNG bunker price has increased due to lower natural gas supplies from Norway and Russia, while Singapore’s price has dropped as increased LNG supply and lower demand influenced the market.
Rotterdam
Rotterdam’s LNG bunker price has climbed by $9/mt in the past week, reaching $748/mt.
The price increase reflects tighter natural gas supplies to Europe. Norway, a key supplier of gas to the continent, saw its pipeline flows into Europe drop by 2.3% from the previous week, reaching 184.6 million cubic meters per day (MMcmd) last week, according to Rystad Energy. This decline in supply is putting additional pressure on the market and contributing to the price rise.
Compounding the supply squeeze, gas flows from Russia, another significant supplier to Europe, were down 4.8% from the previous week, to 91.1 MMcmd, ING’s Warren Patterson said.
Singapore
Singapore’s LNG bunker price has shed $6/mt in the past week, driven by a lower NYMEX Japan/Korea Marker (JKM) price. Its LNG bunker price premium over Rotterdam’s LNG has narrowed by $15/mt in the past week to $93/mt now.
One of the key factors contributing to Singapore’s price dip is the resumption of operations at Australia’s Queensland Curtis LNG Train 1 export terminal. Rystad Energy said the terminal, which had gone offline for four days, is back in action. The terminal’s resumption has boosted sentiment in the market, signalling better supply prospects from the country.
Jera’s Joetsu plant (595 MW) went offline on 9 September due to electrical equipment issues, and its Shin-Nagoya plant (243 MW) remains offline, though it is expected to restart later this month.
Did you Subscribe to our daily newsletter?
It’s Free Click here to Subscribe!
Source: Engine.online
