LONDON, October 19, 2017 /PRNewswire/ --
Data from LNG Edge, which is part of
the ICIS LNG Market Intelligence Solution, shows that global LNG
supply increased 10% in the third quarter of 2017 from the previous
year. Chinese demand increases helped absorb new supply.
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New liquefaction projects coming onstream in Australia and the US drove the year-on-year
increase in global LNG supplies in the third quarter of 2017,
permitting increases in demand in most import regions around the
world, according to the new quarterly Trade Flow Report released on
Thursday, 19 October, by LNG Edge.
The report shows that East
Asia's imports for Q3 2017 were up 13% from the third
quarter of the previous year, driven in particular by higher
consumption in China and
South Korea. Imports to the
world's single biggest LNG importer, Japan, slipped back slightly on the year.
Europe also had an annual
increase in deliveries, rising by 19%, particularly to the
Mediterranean countries of Spain,
Portugal and Italy, where Atlantic basin and Middle Eastern
producers may have found a convenient home for spare cargoes.
Spot LNG prices trended higher across the quarter, with the ICIS
East Asia Index rising from $5.50/MMBtu at the start of the quarter to
$8.70/MMBtu by its end. Prices
increased sharply, particularly in east Asia, in late September, when disrupted
loadings at the US Sabine Pass facility after Hurricane Harvey led
producers to buy cargoes to cover short positions in the
Pacific.
"Spot prices have shown strong gains in the approach to winter,"
said LNG market analyst Alex Froley.
"The market will now be watching to see the impact of new projects
due onstream in the next few months in Australia, Russia and the US."
Australia's Wheatstone,
Russia's Yamal LNG and the US Cove
Point project are all due to load their first cargoes this
winter.
Download the report now
https://www.icis.com/contact/q3-lng-supply-rises-10-on-us-australian-projects/
Find out more about LNG Edge, which is part of the ICIS LNG
Market Intelligence solution:
https://www.icis.com/energy/liquefied-natural-gas/lng-market-intelligence-solution/
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Media contacts
Ed Cox
Editor - Global LNG
ed.cox@icis.com
+44-207-911-1772