Weekly changes in LNG bunker prices:
ARA down by $62/mt to $944/mt
Singapore up by $36/mt to $1,118/mt
Baltics down by $62/mt to $1,051/mt
Portugal down by $46/mt to $1,059/mt
Europe
European LNG bunker prices tracked lower with the front-month TTF contract, which fell $0.87/MMBtu ($45/mt). Peace talk optimism around US-Iran negotiations raised hopes of a reopening of the Strait of Hormuz, while cooler temperatures across Europe reduced gas-fired power demand.
LNG bunker prices in the ARA and the Baltics underperformed against TTF, each dropping $62/mt as bunker delivery premiums also narrowed on the week. Portugal fell $46/mt, though its pricing remains only loosely tied to TTF.
Downside was limited by renewed skirmishes near Hormuz over the weekend and persistently low EU gas storage – around 35% full versus a five-year average of 47%.
The IEA’sGreg Molnar said storage injections remain 20% below last year’s pace, reflecting tight supply conditions, and warned the injection campaign will be “more challenging and more expensive than expected.”
On the supply side, new LNG exports led by the US have offset around two-thirds of the Hormuz disruption, according to Molnar.
“However, the gains in LNG prices were offset by reports that Qatar is managing to get some LNG cargo through the Strait of Hormuz,” ANZ Bank commodity strategist Daniel Hynes said.
Unplanned maintenance at several Norwegian gas facilities added a further supply concern, though the impact on prices was muted, the Japan Organization for Metals and Energy Security (JOGMEC) noted.
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