Global Gas "The injection pace slows in Europe" Kim

Research evidence excerpt

Global Gas "The injection pace slows in Europe" Kim

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GlobalThe injection pace slows in Europe

Energy

Nayoung Kim

Summer market concerns are emerging Analyst

TTF is hovering around €50/MWh, with a slightly negative seasonal spread continually nayoung.kim@ubs.com

limiting EU storage injections. We see the summer market concerns gradually building +44-20-7568 4010

from Asia. JKM-TTF spreads are above $2/mmBtu, sustaining Asia’s competitiveness for Henri Patricot, CFA

US cargoes. Following US-China talks, US LNG shipments to China rose to four, all Analyst

expected in June (link). At the same time, strikes began Wednesday at Australia’s henri.patricot@ubs.com

Woodside North West Shelf (14.3Mtpa) and Pluto LNG (4.9Mtpa) after negotiations +33-14-888 3033

with contractor UGL broke down (link), potentially tightening supply further. Joshua Stone

Analyst

LNG cargo trackers: US exports to Asia well above last year joshua.stone@ubs.com

+44-20-7901 5588

LNG tanker arrivals in Asia fell slightly by 1% w/w and 9% y/y (Figure 11GlobalLNGexportstoAsia(onanarivalbasis;DWTinmilion)), with the past

four weeks also down 9% y/y, according to UBS Evidence Lab’s waterborne data (> Josh Silverstein

Access Dataset). US exports to Asia dropped 20% w/w but are still up 89% from last Analyst

year. Meanwhile, US LNG exports to Europe increased 12% w/w but declined 18% y/y. josh.silverstein@ubs.com

+1-212-713 3513

Softened LNG imports slow injection pace Ellinor Cederstroem Palliotto

Associate Analyst

As of 20 May, European gas storage is 37% full, vs. 46% a year ago and 51% for the

ellinor-cederstroem.palliotto@ubs.com

five-year average. Net injections over the past week amounted to 1.2bcm, below last +44-20-7567 1823