More Qatari cargoes are expected to arrive in Europe during the shoulder months, based on netback considerations.
Asian and European netbacks for LNG delivered from Qatar in March 2017 are at parity, compared with a differential of $3/MMBtu for delivery in February 2017 and $1.1/MMBtu for LNG delivered in March 2016. This is the result of Northeast Asia’s gas demand dropping from its winter peak and ample supplies being available from Australia. Consequently, the competition for US LNG being sold into Europe will intensify during the next few months as more Qatari shipments arrive in the region.
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