Global gas & LNG weekly summary: 1 Dec 2022

Floating storage drops as increased demand for imports in Europe boosts LNG send-out to 94% max-observed capacity TTF’s January contract was trading at $40 intraday on Thursday, about a $4 increase WoW, as demand received a boost from colder-than-normal weather increasing demand for storage withdrawals and LNG send-out. LNG send-out rose by 44 mcm/d, amounting to 573 mcm/d, which is 94% of max-observed capacity observed in the week ending 19 Jan when send-out peaked at 611 mcm/d. The demand for imports in Europe helped bring floating storage down. While there are still clusters of ships off of Spain and Northwest Europe, these groups have decreased in quantity. Overall, LNG on-the-water fell to 275 standard cargoes this week, at the top of the 5-year range for this time of year and down about 25 from the peak around 300 earlier in November.