US LNG testing Chilean shores
Mejillones LNG terminal, Chile. (GNL Mejillones)
Directional impact on forecast:
Bearish on LNG prices
On 11 June, Chile’s Quintero LNG terminal received its maiden LNG cargo from the Sabine Pass LNG plant in the United States on board the Gaslog Shanghai. The US is desperately trying to market LNG from the plant in Latin America as the global market remains glutted. However, Chile has already over-contracted for LNG volumes amid lacklustre domestic gas demand. Consequently, Chilean authorities have embarked on alternative ways to commercialise imported LNG, including transporting some of it to Argentina.