Update on the maritime market: the postponement of Nord Stream 2 weighs on gas prices

Risavika LNG index at 94.02 EUR / MWh and up 4.3% week after week. European gas prices were on the rise following the delay of the Nord Stream 2 pipeline. Last week, the German energy regulator temporarily halted the certification process for the new pipeline that will bring Russian gas to Europe. The regulator said certification was temporarily halted because under German law the Swiss-based consortium behind Nord Stream 2 had to first form a German subsidiary to obtain an operating license. According to Reuters, the suspension could delay the commissioning of the infrastructure until next March.

Prices for petroleum products fell further after the fourth consecutive week of decline in benchmarks for crude. The price of fuel oil 3.5 (FO 3.5) fell by 2.2% to 414.60 USD / t, low sulfur fuel oil (MFO 0.5) fell by 2.9% to 539 , 74 USD / t and marine diesel (MGO 0.1) fell 1.8% to 656.08 USD / t in two weeks. The combination of factors such as new European lockdowns, a potential release of the Strategic Oil Reserve (SPR) in the United States and elsewhere, and the economic slowdown in China are weighing on oil prices.

LNG Risavika – LNG FOB Risavika

LBG Risavika 10% – 10% liquefied biogas mixture

FO 3.5 FOB Rdam – European barges fueled at 3.5% FOB Rdam (Platts) Futures quotes

MFO 0.5 FOB Rdam – European futures quotations FOB Rdam Marine fuel 0.5% barges (Platts)

MGO 0.1 FOB ARA – Gasoil 0.1% Barges FOB ARA (Platts) Futures quotes

ULSD FOB ARA – European Diesel 10 ppm Barges FOB ARA (Platts) Futures quotes

Source: CME Group, Gasum, Argus Media, Reuters

* An estimate for LNG FOB Risavika

** An estimate for 10% of LBG FOB Risavika mixture
Source: Gasum

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