The Dec’24 TTF rebounded in early November due to winter demand concerns, Norwegian outages, and the looming Ukraine-Russia gas transit expiration. European LNG imports rose for the first time in 10 months, while Asia’s declined. The Dec’24 JKM softened to just above $13/MMBtu on mild temperatures and secure North Asian supply. The JKM-TTF Basis fluctuated, influenced by weak Chinese demand and tight European supply.
The Biden administration is rushing to finish a study that could complicate President-Elect Donald Trump’s goal of quickly approving new LNG export terminals. The study, initiated in January, assesses the climate, economic, and national security impacts of increased US LNG exports. Biden had imposed a moratorium on new export licenses, which Trump has pledged to lift on his first day in office. If the study finds additional exports problematic, it could lead to legal challenges against swift approvals. The Energy Department aims to complete the study by 20 Jan but faces a tight timeline.
Russia’s “shadow fleet” of LNG carriers is facing mounting obstacles. Following Palau, Panama has de-flagged four Russian-owned ships tied to sanctioned Arctic LNG projects, leaving them stranded in Russian waters. US sanctions and complex ownership networks have put more pressure on Russia’s attempts to bypass restrictions, with Panama’s actions signaling a wider crackdown.
Spain is preparing to deliver its first reloaded cargo to Turkey in three years, as strong demand in the East Mediterranean has made re-exports economically feasible. However, low inventory levels at Spanish terminals are likely to restrict additional reloads in the near future.
BP has finalized a substantial 10-year charter extension with Flex LNG for two 173,400-cbm carriers, Flex Courageous (2019) and Flex Resolute (2020), with the potential to extend until 2039. The deal is valued at hundreds of millions of dollars.
As part of its strategy to expand its LNG business, TotalEnergies has signed a sales agreement (HoA) with Sinopec to supply 2 million tons of LNG annually for 15 years, starting in 2028. This significant agreement enhances TotalEnergies’ long-term presence in China’s LNG market, the world’s largest. It follows a strategic cooperation agreement between TotalEnergies and Sinopec, signed earlier this year during President Xi Jinping’s state visit to France.
Federal regulators have approved Venture Global LNG to bring natural gas into its Plaquemines export plant in Louisiana, moving it closer to full operation. Expected to be the second-largest US LNG export facility, it will help the U.S. maintain its lead as the world’s top LNG exporter and make Venture Global the second-largest US LNG producer.
