SW Europe Price Shoots Up as Asia Soaks Up Still More Supply

摘要

LNG spot prices in the Mediterranean shot up by $1.20 to $10.45 per million Btu over the last week on the back of a tighter supply picture, while Japanese buying interest for October tacked 300 onto the Northeast Asia price, now at $14.90, according to WGI price assessments from Monday for spot cargoes for delivery four to eight weeks out. Another spike in oil prices helped Britain's National Balancing Point (NBP) gain 140 Monday to $8.66/MMBtu, as assessed by WGI. September futures were up210 to $8.42 on ICE. Netbacks for Mideast sellers are now roughly $4.15/MMBtu higher on Asian than on Southwest Europe sales, while UK and Belgian netbacks are behind Asia by roughly $6.75 (see table below).