London — LNG regasification from the Sines LNG terminal in Portugal hit a record high during Wednesday's gas day with the recent increase in deliveries at the facility showing no signs of slowing, data from S&P Global Platts Analytics showed.
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Regasification from Sines came in at 19 million cu m during Wednesday's gas day. The previous record was set in mid-January.
LNG regasification from the facility so far in 2019 was 69% higher year on year and has been 90% higher since the beginning of the summer delivery period, echoing trends seen across much of Europe.
The Sines terminal has seen deliveries from both Qatar and the US pick up in recent months on the back of weak Asian demand for spot LNG depressing JKM values and making Europe a more desirable destination.
With Asian demand for LNG spot volumes still not having rebounded and Northwest Europe flush with LNG from the Yamal LNG project, Portugal is placed well to continue receiving more LNG volumes than in previous years.
Moreover, the increase in LNG regasification has seen flows between Portugal and Spain change sharply, with Portugal now much less reliant on imports from Spain.
Indeed, Portugal has only imported a net 24 million cu m from Spain this year, compared with net imports of 765 million cu m during same period last year, data from Platts Analytics showed, a fall of 97%.
Portugal was a net exporter of gas during the first two months of 2019, the first time such an occurrence happened since July 2011.