- This week saw a contrasting trend in the LNG market.
- While Atlantic spot LNG freight rates continued to climb, European LNG prices experienced a significant decrease.
Atlantic LNG shipping rates rose for the third consecutive week, with Spark30 rates reaching a new high of $57,000 per day. This marks the largest weekly increase for Spark30 rates so far this year.
European LNG Prices
European LNG prices (SparkNWE DES) dropped compared to the previous week, with the front month price falling to $10.575/MMBtu. This represents the biggest weekly decline in six weeks. The price drop comes despite an earlier rise triggered by an unplanned outage at a Norwegian gas processing plant. European gas storage levels are also rising, currently sitting at over 70%.
Asian LNG Prices
JKM LNG prices in Asia remained relatively stable at around $12/MMBtu.
Other LNG Market News
US LNG exports remained steady at 26 shipments per week. Several entities, including Komipo and First Gen, are seeking spot LNG cargoes for delivery in July and August. Egypt is reportedly looking for LNG cargoes to meet summer electricity demand. Norwegian FSRU operator Hoegh LNG signed a deal to deploy a vessel to Egypt for an interim period.
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Source: LNG Prime
