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Europe gas rises with supply risks as LNG cargo idles at sea
来源：shippingazette 编辑：编辑部 发布：2023/08/03 10:51:25
VOLUMES of liquefied natural gas stored on ships jumped to its highest level since May in a sign that weak demand and high inventories in Europe are pushing the fuel toward Asian markets, reports Bloomberg.
The volume of LNG that has stayed on the water for more than 20 days topped 3.1 million tonnes this week - well above the average for the season - according to data compiled by Bloomberg.
It comes as European gas storage levels are almost 84 per cent full, lowering the immediate need for additional supplies amid higher flows from Norway and persistently sluggish industrial demand.
Yet rising benchmark futures raise questions about how long the lack of LNG deliveries can last if demand for fuel picks up later this year amid a colder-than-expected winter. Prices have also seen some gains recently amid concerns about escalating Russia-Ukraine tensions and heat waves in parts of Europe disrupting energy networks.
But they're still about 60 per cent lower since the start of the year, and gas consumption is subdued for now, indicating there's more fuel available in the market than needed.
Even if LNG imports to the region are significantly reduced for the balance of summer, analysts at JPMorgan Chase still see September's storage level climbing toward 99 per cent. They've trimmed their price forecasts for the third quarter to EUR20 (US$22) a megawatt-hour from EUR27 to reflect "storage congestion pricing".
The volume of LNG that has stayed on the water for more than 20 days topped 3.1 million tonnes this week - well above the average for the season - according to data compiled by Bloomberg.
It comes as European gas storage levels are almost 84 per cent full, lowering the immediate need for additional supplies amid higher flows from Norway and persistently sluggish industrial demand.
Yet rising benchmark futures raise questions about how long the lack of LNG deliveries can last if demand for fuel picks up later this year amid a colder-than-expected winter. Prices have also seen some gains recently amid concerns about escalating Russia-Ukraine tensions and heat waves in parts of Europe disrupting energy networks.
But they're still about 60 per cent lower since the start of the year, and gas consumption is subdued for now, indicating there's more fuel available in the market than needed.
Even if LNG imports to the region are significantly reduced for the balance of summer, analysts at JPMorgan Chase still see September's storage level climbing toward 99 per cent. They've trimmed their price forecasts for the third quarter to EUR20 (US$22) a megawatt-hour from EUR27 to reflect "storage congestion pricing".