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2019-03-07 12:00:00

LNG TO EUROPE UP

LNG TO EUROPE UP

PLATTS - The US and Russia saw the greatest year-on-year growth of LNG exports to Europe in February, on the back of higher production and flexible, price-driven supplies, an S&P Global Platts analysis shows.

US exports into Europe, including Turkey, surged 75% on year to 411.5 million cu m, while Russian exports jumped 67% to 1.4 Bcm, ranking as the main exporter.

Growth from the beginning of 2019 was even bigger, at 86% to 2 Bcm for the US and at 70% to 3.1 Bcm for Russia.

In comparison, exports from Norway in February increased by just 20%, while the number of cargoes sent from Qatar, Algeria, Nigeria, Trinidad and Tobago decreased substantially.

There are at least two reasons why Russia and the US have massively pushed their exports into Europe, while the other seven main exporters have not.

First, both countries have increased their capacity substantially in 2018.

Russia added 11 million mt/year of capacity in 2018 at its Yamal LNG facility, while the US increased its capacity by 5.25 million mt/year at Cove Point, according to Platts Analytics.

The second factor is that there is no destination clause in sales contracts from the US, unlike most other LNG exporters, and offtakers can take advantage of arbitrage opportunities between regions.

Russia acted in a similar way, with Novatek and PetroChina offering cargoes on a spot basis to Northwest Europe instead of Asia.

Asian prices have been weak since the beginning of winter 2018 due to mild weather and lower demand for spot LNG cargoes.

The Platts JKM price's premium to the TTF month-ahead price last year averaged 0.873 cent/MMBtu and 0.457 cent/MMBtu in January and February 2019, respectively, just a fraction of the respective $4.193/MMBtu and $2.794/MMBtu recorded in January and February 2018, according to S&P Global Platts data.

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Earlier:

LNG TO EUROPE UP
2019, March, 1, 12:00:00
RUSSIA'S LNG: NO SANCTIONS
Novatek’s Chief Financial Officer Mark Gyetvay said the company would build all equipment and technology in Russia to protect itself. “We will not hold ourselves hostage to U.S. sanctions,” he told the IP Week conference in London.
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2019, February, 8, 12:00:00
GERMANY'S GAS INDEPENDENCE
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2019, February, 1, 11:10:00
U.S. GAS PRODUCTION UP 11.6%
EIA - In November 2018, for the 19th consecutive month, dry natural gas production increased year to year for the month. The preliminary level for dry natural gas production in November 2018 was 2,646 billion cubic feet (Bcf), or 88.2 Bcf/d. This level was 9.2 Bcf/d (11.6%) higher than the November 2017 level of 79.0 Bcf/d. The average daily rate of dry natural gas production for November was the highest for any month since EIA began tracking monthly dry natural gas production in 1973.
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2019, January, 28, 10:30:00
МИРОВОЙ РЫНОК СПГ: 600 МЛН. Т.
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Tags: RUSSIA, GAS, EUROPE, USA, LNG