SP Global Commodity Insights assessed its daily North West Europe LNG Marker (NWM) price benchmark for cargoes delivered in August on an ex-ship (DES) basis at $13.739/mmBtu on June 19, a $0.385/mmBtu discount to the July futures price at the TTF hub. This 15.5 per cent weekly increase is the highest in almost four months.
Argus assessed the price for July delivery at $13.825/mmBtu, while Spark Commodities assessed the June price at $13.587/mmBtu.
The US arbitrage to north-east Asia via the Cape of Good Hope is now more strongly pointing to Europe, while the arbitrage via Panama continues to point to Asia, said Spark Commodities analyst Qasim Afghan.
In the LNG freight market, Atlantic rates recorded its largest week-on-week increase since October 2023 at $49,750/day on Friday, while Pacific rates remained steady at $32,000/day, Afghan added.
(Reporting by Marwa Rashad; Editing by Nina Chestney)