Tepid demand growth in Asia associated with additional LNG supply, notably from the US, supports the view that European gas hubs will balance the global LNG market for the rest of the year.
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RegistroThis sentiment is reflected in the current forward curve indicating that reloads to Asia remain less profitable than sales at the European gas hubs. LNG shipping rates are expected to increase further in the next months on the back of higher mile tonnage, leading to tight ship availability, and limiting further incentives for longer trips toward Asia.
Other key factors to watch for are: any price-sensitive supply turndowns in LNG; commercial turndowns in Norwegian and Russian pipeline gas supplies to Europe; and an increase in demand in Asia in Q4 in the power or residential sectors.
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