Need another proof that LNG is the most dynamic part of the global natgas market? Just have a look at the seaborne supplies to Europe over the course of 2021.
There were few cargoes delivered to NWE in early Jan, but already in mid-Mar the imports to UK, NL, BE and France’s Dunkirk set a new weekly record. With the tightening in JKM-TTF spread and higher withdrawal rates amid lack of growth in pipeline flows into the region, favourable conditions were created for LNG.
NWE had become so attractive for traders, that tankers started to move northwards even from Med facilities. Algerian and Egyptian cargoes can rarely be found in NWE, but this week has seen the arrival of three 70kt carriers in Rotterdam, Zeebrugge and Dunkirk. Never before had players delivered so much LNG to those terminals from North Africa.
In the coming months, there will likely be a sufficient number of cargoes offered in NWE, which appears similar to that of 2020. However, on the demand side the market differs considerably from where it stood a year ago, given the need to replenish the depleted UGSs.
Source: Yakov Grabar
See original post by Yakov at LinkedIn.