Rotterdam’s LNG bunker price rose last week due to lower wind power generation and storage drawdowns in Europe, while Singapore’s price dipped slightly with steady demand and high stock levels in Asia, reports engine.online.
Rotterdam’s LNG bunker price has gained by $24/mt to $790/mt in the past week. This increase reflects an upward trend in the Dutch TTF Natural Gas contract, influenced by reduced wind power generation during low-wind days in Europe. As wind power declines, natural gas demand rises to supplement the electricity supply, driving up prices.
Singapore
In the past week, Singapore’s LNG bunker price has also dropped by $6/mt to $825/mt. The price reduction corresponds with a softer NYMEX Japan/Korea Marker (JKM) contract, Asia’s LNG benchmark, which has stabilised as spot demand wanes amidst high stock levels.
While Asian LNG demand remains tepid due to mild temperatures and robust long-term supply contracts, there’s potential for increased competition with European buyers during the winter. Additionally, concerns regarding Australian LNG supply add uncertainty to the market outlook.
Did you Subscribe to our daily newsletter?
It’s Free Click here to Subscribe!
Source: Engine.online
