A roundup of news and commentary from NGI’s LNG Insight
- European natural gas prices set records during trading Wednesday. The prompt Dutch Title Transfer Facility contract hit an all-time high and the prompt National Balancing Point hit its highest level since 2005 amid a deepening supply crunch on the continent. Japan-Korea Marker spot prices for August also hit $15/MMBtu as demand remains strong.
- Spanish power company and natural gas utility Naturgy said Wednesday it would invest more than $16 billion in the energy transition by 2025 to increase renewable energy output and cut natural gas use. The company said its gas portfolio would shrink to roughly 130 terawatt-hours in 2025 from 200 terawatt-hours in 2018.
- Nord Stream 2 AG said Wednesday its 5.3 Bcf/d natural gas pipeline stretching from Russia to Germany is 99% complete. The operator is aiming to have natural gas flowing on the system by the end of the year.
- Shipbroker Fearnleys AS said Wednesday the shipping market is getting more active after a typical summer lull, with multiple deals concluded for spot and term vessel fixtures over the last week. “With overall vessel availability staying relatively tight, we are undeniably balancing on a razor’s edge trying to gauge the next market moves on a week-by-week basis,” Fearnleys analysts said.
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