S&P Global Platts Atlantic LNG MOC saw a total of 57 bids/offers in March, making it the highest monthly volume ever, says an article published in their website.
Northwest Europe stands up to $6.301/MMBtu
Of the 57,.49 volumes were for Northwest Europe, with the rest of the volume destined to the Mediterranean.
According to Platts data, “the DES Northwest Europe stood at $6.301/MMBtu on March 31, up $1.064/MMBtu when compared to Feb. 26.”
Increased activity
Sellers of US volume would have been encouraged to offer into Europe as opposed to Asia in order to avoid sending volume via the Cape of Africa or risking delays through the Panama Canal, both of which would add time and costs to a journey.
A bearish shipping market allowed for increased activity as traders look to capitalize on cheaper DES costs.
According to Platts data, “the average Atlantic day rate stood at just over $30,000/day for March, down from an average of $70,800/day in February.”
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Source: S&PGlobal
