- Asian spot LNG topped $30 per mmBtu for the first time since December 2022, following a reported attack on an LNG tanker near the Yemeni coast.
- UKMTO reported an LNG carrier came under attack in the Red Sea from a small boat, and the tanker's crew fired warning shots in return.
- A Qatari LNG tanker bound for Poland was crossing the Red Sea, but the heightened risk of attacks on tankers could discourage stronger flows.
- European gas storage was 74% full this week, versus a five-year seasonal average of around 89%.
- Asian LNG demand is declining amid high prices, while Europe pays up for supply and cannot switch to coal after shutting many coal plants.
Quotes
“Asia and Europe are locked in a race to secure as much gas for the winter as they can, regardless of prices.”