LNG bunker prices have decreased in both Rotterdam and Singapore this week, influenced by ample gas storage in Europe and lower demand across Asian markets, reports Engine.
Rotterdam
The LNG bunker price in Rotterdam has dropped by $28/mt to $720/mt in the past week. The port’s benchmark has tracked the downward movement in the front-month NYMEX Dutch TTF Natural Gas contract.
This downward price movement is influenced by high gas storage levels in Europe. Despite maintenance-related gas flow reductions from Norway, storage facilities across the EU are continuing to fill up, now reaching over 93% capacity, according to ING’s Warren Patterson. Ample gas storage has helped to alleviate some of the price pressures, even as supply from key sources like Norway remains constrained.
Singapore
Singapore’s LNG bunker price has also come down by a sharp $37/mt to $804/mt in the past week. This drop has been partially driven by changes in the NYMEX Japan/Korea Marker (JKM) contract, which has rolled from the higher-priced October contract to the lower November contract, pulling the JKM benchmark down and influencing the port’s bunker price.
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Source: Engine
