US Gulf Coast FOB daily export cargo values nosedived to below $30/MMBtu during the week of Dec. 22-29, right after rising to the highest level on record, as they continued to track prices in European destination markets.
Utilization at US liquefaction facilities, however, remained just below all-times highs set earlier in December as strong netbacks incentivized full dispatch. A big drop-off in shipping rates from a month ago has also contributed to the bullish sentiment for US FOB cargoes, with it increasingly cost-effective for Pacific-bound tankers to divert to the Atlantic to capture the arbitrage. Panama Canal congestion continued to ease during the week, with the maximum wait on Dec. 29 for unreserved LNG tankers at one day northbound and three days southbound, according to the Panama Canal Authority. S&P Global Platts assessed the Gulf Coast Marker […]