Latin American LNG imports drop to 14-month low in February

February Latin American and Caribbean LNG imports fell 42% from January amid soft demand across the region, data from S&P Global Energy showed on March 5.

The region imported 33.25 Bcf of LNG in February, down from 57.52 Bcf in January, marking its lowest monthly level since December 2023, when nearly 31.50 Bcf were imported. February imports were almost 37% lower than the 52.76 Bcf imported in February 2024 but 3.9% higher than the 32 Bcf imported in the same month in 2023.

The Dominican Republic led LNG imports to the region in February, importing 7.07 Bcf, down 10.5% from the 8.60 Bcf imported the previous month. The country had last led the region's imports in March last year, when 11.11 Bcf were imported. The volumes were imported on two cargoes, down from three in December. The country imports LNG to supply the domestic power, transportation, and industrial sectors.

Brazil ranked as the region's second-largest LNG importer at 6.68 Bcf, down nearly 35% from 10.25 Bcf in January. One of the imported cargoes was delivered to Eneva's Sergipe terminal in northeastern Brazil, while the other was unloaded in two installments: one delivered to GNA's Acu port import terminal for the commissioning of the adjacent GNA II power plant, and the other to Karpowership's floating storage and regasification unit, both located in Rio de Janeiro. Hydropower, which accounts for nearly 70% of Brazil's power generation, remains healthy due to ample rainfall, which has alleviated some of the pressure on LNG imports so far this year, sources previously said.

Chile ranked third at 6.32 Bcf, down from 9.08 Bcf in January. The Quintero terminal in Valparaiso received 2.93 Bcf, while Engie's Mejillones terminal imported 3.39 Bcf.

Colombia was the fourth-largest importer at nearly 6.09 Bcf, down from 8.79 Bcf in January.

Other importers included Jamaica (3.67 Bcf), Puerto Rico (3.02 Bcf), and El Salvador (390 MMcf).

The US supplied 15.60 Bcf, or nearly 47%, of the February imports, while 10.96 Bcf, or 33%, were sourced from Trinidad and Tobago. Nigeria supplied the remaining 6.70 Bcf on two cargoes, each delivered to Puerto Rico's Peñuelas terminal and Jamaica's Old Harbour.

Platts assessed the DES Brazil for LNG deliveries 15-45 days forward on March 5 at $12.455/MMBtu, down 36.1 cents on the day.