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Northwest Europe LNG reaches record high $41.946/MMBtu on strong demand


Below-normal temperatures across continent cited

Nord Stream 2 pipeline timing uncertainty also weighs

  • Author
  • Harry Weber
  • Editor
  • Richard Rubin
  • Commodity
  • LNG Natural Gas

The delivered price for LNG into Northwest Europe surged past the Asia spot price to a new record high Dec. 14 as strong demand driven by below normal temperatures helped lift markets.

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S&P Global Platts assessed DES Northwest Europe at $41.946/MMBtu, up $3.606/MMBtu from the previous day. The value exceeded the previous high of $40.145/MMBtu set on Oct. 5. NWE also was assessed above Platts JKM, the benchmark for spot-traded LNG delivered to Northeast Asia. JKM was assessed Dec. 14 at $39.021/MMBtu.

Traders have reported strong LNG cargo buying in Europe amid robust demand. Uncertainty over when the Nord Stream 2 gas pipeline that would run across the Baltic Sea from Russia will start up also has helped lift European LNG prices.