Rotterdam’s LNG bunker price has increased amid concerns over colder weather and supply disruptions in Europe, while Singapore’s price has risen due to sustained gas-for-power demand driven by high temperatures in East Asia, reports engine.online.
Rotterdam
Rotterdam’s LNG bunker price has climbed by $35/mt in the past week, reaching $755/mt.
Colder-than-normal temperatures are forecast in parts of Europe through early October, which is expected to boost gas demand for heating purposes. At the same time, supply concerns persist, with Norway, Europe’s largest supplier, facing multiple unplanned outages, compounding the effects of ongoing seasonal maintenance at gas facilities, ING’s Warren Patterson said.
Scheduled maintenance at the Medgaz pipeline has reduced gas flows from Algeria to Spain, further adding to the pressure on the gas supply. As a result, the continent is facing a shortfall of 66 million cbm/day due to these disruptions, Rystad Energy said.
Singapore
Singapore’s LNG bunker price has risen by $13/mt to $817/mt. This increase has been driven by a higher NYMEX Japan/Korea Marker (JKM) price.
Several countries in East Asia continue to grapple with higher-than-normal temperatures, with the Japan Meteorological Agency forecasting a more than 70% chance of above-average temperatures across Japan from 28 September to 4 October.
Although there has been limited spot cargo buying in the region, demand for air conditioning is expected to continue depleting gas inventories.
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Source: Engine.online
