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UK's Isle of Grain schedules Russian LNG cargo

12 Dec 2017 16:25 GMT
UK's Isle of Grain schedules Russian LNG cargo

London, 12 December (Argus) — The UK's 14.8mn t/yr Isle of Grain LNG terminal has scheduled the delivery of a Russian cargo for later this month after NBP prompt prices climbed enough to outbid other markets.

The 172,600m³ Christophe de Margerie is expected to arrive on 28 December, 34 days after the 145,500m³ Hispania Spirit unloaded. It was the first loading from Russia's new 5.5mn t/yr Yamal plant.

NBP prompt prices jumped yesterday and again this morning, following the shutdown of the Forties Pipeline System and a number of unplanned Norwegian constraints. And they opened a premium to northeast Asian prices to encourage higher sendout from the Isle of Grain and cover the cost of securing the cargo from the Christophe de Margerie, which will replenish the drawndown inventories later this month.

Sendout from the Isle of Grain to the national transmission system is nominated at 16.7mn m³ today, up from 0.79mn m³ yesterday. Stocks were 722,000m³ — or 75.8pc of capacity — this morning, with already enough space for a full cargo from the Christophe de Margerie without increased regasification.

Isle of Grain regasification also rose towards the end of March 2013 as NBP prompt prices spiked, when the Interconnector halted and Rough stocks were low, and were high enough to cover the cost of a spot LNG cargo. Stocks were later topped up by the arrival of a cargo in April.