Natural Gas market movers: Fragile Equilibrium smashed
- According to a weekly Bloomberg report, global weekly LNG supply fell by 13% for the week of February 26 against the previous week.
- Temperatures are set to fall again in China and Europe, heading back below 10 degrees Celsius, which is below the 10-year average.
- European demand is not picking up, forcing several Gas cargoes to stay at sea. Roughly 3 million metric tons have been afloat at sea for more than 20 days, a very high number compared to normal standards.
- Russia is facing headwinds from fresh US sanctions issued two weeks ago. Russia had ordered icebreaker vessels for its Arctic LNG 2 exports at a South Korean shipbuilder. However, under the new sanctions, Hanwha Ocean (the South Korean shipbuilder) is forbidden to sell to Russia, which means Russia is unable to open its arctic installation for production and exports
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