Qatar is diverting LNG shipments away from the European market and towards Asia based on netback considerations.
The Asia-Europe LNG netback spread for Qatar increased to $0.9/MMBtu for September delivery from $0.8/MMBtu for August delivery, making Asia a more attractive market for Qatari shipments. Qatar has taken the opportunity to boost spot transactions with countries such as India. Consequently, Qatari LNG exports to Asia rose by 6.7% in September compared with August, to 4.46 mt. Meanwhile, the country exported 1.26 mt of LNG to Europe in September – a fall of 22.7% from August.
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