The growing weight of Brazil in the global LNG market has been a driver in a push for more price transparency in the region, particularly amid the backdrop of an upcoming maintenance potentially driving up import demand and LNG prices, according to an S&P Global Commodity Insights analysis.
Brazil has typically been heavily dependent on hydroelectric power generation, but in the fall of 2021 the country was hit by severe droughts draining its hydroelectric resources, and as a result imported record LNG volumes from the US. This contributed to a run up in LNG prices with both Asia and the Atlantic left grappling for volumes in the tight market and the Platts-assessed DES Northwest Europe LNG Marker prices reached a then-record of $40.145/MMBtu on Oct. 5, 2021.
Prices have since come down and Platts, a part of S&P Global Commodity Insights, launched a DES Brazil assessment on Feb. 1 and assessed the market at $8.909/MMBtu, a 40 cents/MMBtu premium to the Northwest European marker.
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