Natural Gas News – July 23, 2020
US LNG cargo cancellations slow for September
Sluggish global demand for liquefied natural gas (LNG) continued to push US LNG buyers to cancel cargo loading for September, according to industry sources for Reuters. However, the pace of cancellation in September seems to have slowed down. Some sources estimate that 15-26 LNG cargoes may have been cancelled, though the exact number is not immediately clear. This compares to 40-45 cancellations in July and August.
Cancellations for June loading were in the range of 20-30. Cargo cancellations for September were mainly due to low prices in Europe, which has its storage capacity full, according to industry sources. One reason for fewer cargo cancellations in September is that traders are betting that prices will rise in November and December. Some tankers have already held their cargos at sea for sale later, probably in Asia, industry sources with Reuters said. For more on this story visit ogj.com or click https://bit.ly/3jwXRtv
Greece almost doubles LNG imports in first half; US supplies surge
Greece’s LNG imports almost doubled year on year in the first half of 2020 as cheap spot LNG — particularly from the US — displaced Russian
gas imports, data from S&P Global Platts Analytics showed July 22. The Greek gas market is currently undergoing a significant shift due to the fall in spot LNG prices, which has meant LNG cargoes increasingly heading there. Vice-president at state-owned gas importer DEPA, Kostas Andriosopoulos, said in late April that LNG was now penetrating the Greek market “at very competitive prices.” According to data from S&P Global Platts Analytics, LNG supplies to Greece reached 1.9 Bcm of regasified gas in the period, almost double the volume imported in H1 2019. For more on this story visit bulletinline.com or https://bit.ly/2CHbfuv