Rotterdam
Rotterdam’s price declined amid stable European gas supplies and storage levels, while Singapore’s price increased because of heightened demand in Asia and outrage at the Wheatstone LNG plant in Australia.
Rotterdam’s LNG bunker price has declined by $7/mt to $681/mt in the past week. This decline mirrors the drops in the front-month NYMEX Dutch TTF Natural Gas benchmark and aligns with abundant gas storage levels in European countries.
More than 40 million cubic meters of gas were booked to transit through Ukraine on Friday, indicating that Gazprom, Russia’s state-owned gas company, received timely payments.
With gas storage in the European Union now at 75% capacity, well above the five-year average of 65%, the market is becoming even more stable.
Singapore
Singapore’s LNG bunker price rose by $17/mt, reaching $778/mt. This increase is influenced by higher prices in the Asian LNG market and the Japan/Korea Marker (JKM) price.
Some Asian buyers have become more cautious about purchasing spot LNG due to recent increases in the JKM price. The spot LNG price in East Asia has climbed to $12.60 per million British thermal units (MMBtu), which many market players find too high, Rystad Energy stated.
Despite less spot market activity among East Asian buyers, strong demand from the power sector continues to support rising LNG prices. Warmer temperatures usually lead to higher power demand, forcing power plants to purchase more gas volumes.
Did you Subscribe to our daily newsletter?
It’s Free! Click here to Subscribe
Source: Engine.online
