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LNG going where it is not needed

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LNG Industry,

Bloomberg are reporting that cargoes from around the world filled with LNG are sailing to Europe just when the region does not really need them.

Same-day gas in the UK fell the most since October as forecasts for the week showed summer is arriving early, weakening demand. That comes just as LNG vessels that set sail for Europe when prices were higher are set to arrive and supplies from Norway increase after planned maintenance.

Same-day gas in the UK decreased by as much as 12% to US$4.63 per million British thermal units, the lowest level since 4 October. The contract is trading about 25% below its five-year average for the time of year but more than 20% above last year’s level.

The Netherlands is set to receive its first LNG cargo from the US in the coming weeks, while Nigerian shipments are reaching France after a pipeline exploded in February, distressing the industry there. Northwest Europe may get 16 tankers total in May, compared with this year’s low of five in February.

Gas flows from Norway into the UK increased by almost 50% above their 10-day average to almost 90 million m3 a day. Seasonal maintenance works that curbed supply have been completed, with no more planned until 15 June.

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