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The wholesale market has continued to decrease in the last 7 days due to a well balanced supply and demand dynamic, along with weak Asian spot prices.
Plenty of import continues with the recent additional influx, amidst disruptions at the Panama Canal – this has potentially assisted in diverting further cargoes to Europe. Milder weather and with demand forecast to be below seasonal norms until December 21st this has also played into the continuous decreases that we are seeing.
The European Parliament has seemingly reached an agreement that would allow individual member states to ban Russian LNG imports without the requirement for any extra energy sanctions. Although the UK had placed a ban on Russian LNG from the beginning of this year, most EU countries continue to import the fuel. Russia is currently the EU’s second biggest LNG supplier so far this year, after the US.
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