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2019-03-01 11:55:00

RUSSIA'S LNG FOR EUROPE UP

RUSSIA'S LNG FOR EUROPE UP

REUTERSRussia delivered a record amount of liquefied natural gas (LNG) to Europe in February, becoming the biggest supplier of the chilled fuel to the continent for the first time.

A total of 19 cargoes, or 1.41 million tonnes, of LNG from the Yamal LNG plant in Russia's Arctic reached regasification terminals in Europe in February, with the majority of those going to northwest Europe, Refinitiv Eikon data shows.

This is the largest monthly amount of LNG from Yamal to arrive in Europe since the plant was launched in Dec. 2017 and also the first time Russia has become the biggest LNG supplier to Europe, surpassing traditional suppliers, such as Qatar, Nigeria and Algeria, as well as a newcomer, the United States.

The jump in Russia's deliveries to Europe shows how lower-than-expected LNG demand and lower prices in Asia have made Europe a top destination for LNG produced in the Atlantic basin this winter, a drastic change from the previous winter.

None of the Yamal cargoes found a home in Asia in February, for the first time since May, data showed.

Asian LNG and European gas prices have been almost at parity this winter. This week, the Asian LNG delivery price was around $0.30 million British thermal units (mmBtu) above the UK front-month gas price, against over a $2.00/mmBtu premium a year ago.

Russia's Novatek, a major shareholder at Yamal, has arranged a swap of some cargoes this winter to supply its Asian positions with Pacific-sources LNG, instead of delivering cargoes from Yamal to reduce shipping costs amid the low price spread.

Some traders expect the price spread will remain tight throughout 2019, with Atlantic-produced cargoes continuing to come to Europe.

Novatek and China's PetroChina, another Yamal offtaker, have been active selling spot Yamal cargoes to Europe this winter.

The data also highlights how the low cost of Russian LNG allows it to compete for European buyers.

On Wednesday, Novatek's Chief Financial Officer Mark Gyetvay told the IP Week conference in London that Novatek was able to deliver LNG to Europe for $3.15/mmBtu.

In February, shipments from the United States to Europe dropped to nine cargoes, or 0.64 million tonnes, the lowest level since November, largely due to lower loadings in the U.S. caused by maintenances and fog conditions at the Gulf of Mexico plants. U.S. exports dropped to the lowest level since October in February.

This is a change from January, when the U.S. was the second largest supplier of LNG to Europe after Qatar.

Supplies from Qatar have been stable at between 17-19 cargoes per month since October. In February, 18 cargoes, or 1.33 million tonnes, were delivered to Europe, which is five cargoes more than at the same month a year ago.

Nigeria delivered 16 cargoes in February, against 18 in January. Algeria supplied 18 cargoes to Europe this month, one cargo less than in January.

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Earlier: 

GLOBAL LNG TRADE +11%
2019, February, 25, 12:05:00

GLOBAL LNG TRADE +11%

SHELL - Strong demand for cleaner-burning fuel in Asia continued to drive rapid growth in liquefied natural gas (LNG) use in 2018, with global demand rising by 27 million tonnes to 319 million tonnes, according to Shell’s latest annual LNG Outlook.

 
 U.S. LNG FOR EUROPE
2019, February, 13, 12:00:00

U.S. LNG FOR EUROPE

PLATTS - Europe is likely to be a prime destination for US LNG cargoes well into the next decade as shipping costs make Europe preferable to Asia as a destination for US exporters, Massimo Mantovani, head of gas and LNG marketing at Italy's Eni, said Monday.

 
 FRENCH LNG UP
2019, January, 25, 08:10:00

FRENCH LNG UP

PLATTS - French liquefied natural gas (LNG) imports soared last year as Australia, the U.S. and Russia brought more LNG to world markets, French gas network operator GRTgaz said on Thursday.

 
 NOVATEK'S GAS PRODUCTION: +10%
2019, January, 25, 08:00:00

NOVATEK'S GAS PRODUCTION: +10%

PLATTS - "We're increasing gas production by up to 10% taking into account Yamal LNG, with liquids output, including crude and condensate, to grow by around 2%, I think," Mikhelson was quoted as saying on the sidelines of the World Economic Forum in Davos.

 
 GLOBAL LNG MARKET UP
2019, January, 9, 11:00:00

GLOBAL LNG MARKET UP

PLATTS - The global LNG shipping spot market is expected to remain strong in 2019 on the back of higher spot LNG demand and trading volume growth outpacing LNG vessel supply, according to analysts and ship brokers.

 
 RUSSIAN LNG: COMPETITIVE ADVANTAGE
2019, January, 7, 09:35:00

RUSSIAN LNG: COMPETITIVE ADVANTAGE

PE - A steadily growing fleet of liquefied natural gas (LNG) carriers purpose-designed to combat the ice floes of the Northern Sea route is giving the giant Yamal plant in the Arctic Circle a long-term competitive advantage, as the vessels deliver gas into Asia and Western Europe in conditions that were until recently considered too hostile.

 
 WORLD LNG INVESTMENT UP
2019, January, 4, 11:45:00

WORLD LNG INVESTMENT UP

REUTERS - A final investment decision (FID) could be taken on more than 60 million tonnes per annum of LNG capacity this year, well above the previous record of about 45 million tonnes in 2005 and triple last year’s 21 million tonnes, Wood Mackenzie’s research director for global gas and LNG, Giles Farrer, said.

 

 

Tags: RUSSIA, LNG, GAS, EUROPE
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