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Northwest European LNG derivative sees first trade since October


August contract trades at TFU minus $1/MMBtu: sources

LNG prices continue to be weak throughout Summer 2023

  • Author
  • Lawrence Toye    Sakshi Jalan    Allen Reed
  • Editor
  • Daniel Lalor
  • Commodity
  • LNG

The LNG Northwest Europe Marker (Platts) August futures contract traded 150 lots on May 24, according to CME data, in what was the third such NWM trade since the derivative was launched on Oct. 24 and the first trade since Oct. 31.

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Market sources said the price was a $1/MMBtu discount to the August TTF price and that TFS brokered the deal.

The Oct. 31 trade was for 300 lots for February at a $2/MMBtu premium to JKM.

The inaugural trade was done by TotalEnergies and Vitol, according to TotalEnergies. It was also brokered by TFS.

The discount of around $1/MMBtu on May 24, despite continued weakening in TTF prices, highlighted the anticipated sluggishness of NWE pricing into August.

LNG demand was expected to be lackluster, as high European stock levels have subdued demand for the third quarter.

One source said the price was very marginally above or even below the regasification costs into Europe.

Platts, Platts part of S&P Global Commodity Insights, assessed NWE August at $9.021/MMBtu in outright terms May 24. In the physical market, the DES Northwest Europe spot price was assessed at $7.988/MMBtu, or a 95 cents/MMBtu discount to the July TTF futures contract.