Suez Canal

Backlog at Suez Canal Clearing, with Few Impacts Seen on LNG Trade

Backlog at Suez Canal Clearing, with Few Impacts Seen on LNG Trade

The backlog of vessels at the Suez Canal was dwindling Thursday after a massive container ship was freed following a week-long blockade, and little impact was seen — for now — on the global liquefied natural gas (LNG) trade. As of Thursday, about 250 ships had transited the canal since Monday (March 29), down from…

April 1, 2021
European Natural Gas Prices Fall After Ship Freed from Suez Canal — LNG Recap

European Natural Gas Prices Fall After Ship Freed from Suez Canal — LNG Recap

A salvage team on Monday finally dislodged the massive container ship that’s been stuck in the Suez Canal for nearly a week, clearing a path for hundreds of vessels to begin transiting the crucial waterway. Aided by the tides, nearly a dozen tugboats refloated the 1,312-foot-long  Ever Given which slowly made its way through the…

March 29, 2021
Natural Gas Futures Called Slightly Higher, But Weak Near-Term Demand Expected

Natural Gas Futures Called Slightly Higher, But Weak Near-Term Demand Expected

Natural gas futures crept higher in early trading Monday as markets continued to monitor the obstruction in the Suez Canal. While projections continued to point to weak near-term demand for gas, the expiring April contract picked up 2.5 cents to trade at $2.582/MMBtu at around 8:50 a.m. ET. The May contract was up 2.2 cents…

March 29, 2021

LNG Vessels Divert to Avoid Suez Canal Congestion — The Offtake

A roundup of news and commentary from NGI’s LNG Insight The Ever Given was still stuck in the Suez Canal on Friday afternoon after running aground Tuesday. About 10 tugboats, two dredger vessels and additional machinery and equipment on the banks are working to refloat the massive container ship, according to shipping services firm Leth…

March 26, 2021
LNG, Oil Markets Watch Suez Canal as Efforts to Remove Container Ship Continued

LNG, Oil Markets Watch Suez Canal as Efforts to Remove Container Ship Continued

The potential for a significant backlog of vessels carrying commodities and other goods increased Thursday as a massive container ship remained stuck in the Suez Canal after running aground Tuesday. Vessels waiting to pass through the canal or approaching it as of Wednesday included seven crude, 15 refined products, five liquefied natural gas (LNG) tankers…

March 25, 2021
LNG Demand, Supply Interruption Fuel April Natural Gas Futures

LNG Demand, Supply Interruption Fuel April Natural Gas Futures

Natural gas futures on Wednesday gained ground for the third time in four sessions amid steady demand for U.S. liquefied natural gas (LNG) and concern about delayed export deliveries after a huge container ship was grounded in the Suez Canal. The April Nymex contract climbed 1.0 cent day/day and settled at $2.518/MMBtu. May followed suit,…

March 24, 2021
LNG, Oil Markets Roiled as Suez Canal Faces Issues with Stuck Container Ship

LNG, Oil Markets Roiled as Suez Canal Faces Issues with Stuck Container Ship

A massive container ship ran aground Tuesday in the Suez Canal, clogging one of the world’s most heavily trafficked shipping lanes and creating logistical hurdles for the liquefied natural gas (LNG) and oil trade, as well as for other commodities.  “The transit point is extremely vital,” ClipperData’s Matt Smith told NGI. Smith is director of…

March 24, 2021