Commodity Tracker: 5 charts to watch this week
Shifting oil demand forecasts are in the spotlight this week as the coronavirus pandemic continues to curb economic activity in major economies. Plus, China’s crude overhang, and trends in power, gas and LNG....
....5. US LNG exporters eye Europe for late September loadings
What’s happening? Outright buying appetite from North Asian LNG end-users has been muted, amid comfortable inventories and relatively mild weather in the region. But Europe may provide an opportunity for US LNG exporters as they eye the potential to ramp up from recent lows. A steep contango for the third and fourth quarter periods on the Dutch TTF forward curve signals that LNG cargoes loading from the Gulf Coast are again viable.....MUCH MORE
What’s next? Late September volumes are expected to be loaded and floated into the early November period, where they would capture the most value in the European grid, based on S&P Global Platts Analytics data. At least 26 LNG cargoes scheduled to be loaded in the US in September were said to have been canceled, a sharply lower number than for August....
HT: ZH
