A laden LNG carrier appears destined for a rare voyage to the 5.1mn t/yr Everett LNG import terminal near the US' Boston, likely attracted by high spot gas prices amid a prolonged cold snap in the US Northeast.
The 174,000m³ Maran Gas Antibes, which loaded at Egypt's 7.2mn t/yr Idku terminal on 28 November, was sailing west across the north Atlantic, putting it on course to arrive at Everett LNG on 14 December at its current speed of 15 knots.
The Everett LNG terminal is typically used only in winter. The New England region has scarcer pipeline capacity than elsewhere in the US, causing price spikes when its few interstate pipelines reach the limits of their operational capacity, as they regularly do in the region's chilly winters.
New England spot prices have surged this month on elevated heating demand. The Algonquin Citygates index, a key indicator for New England spot prices, was $21.25/mn Btu on 8 December. The price averaged $21.51/mn Btu in the week that ended the same day, more than double the prior week. That was much higher than delivered LNG prices in northwest Europe, where the price for January delivery was $8.70/mn Btu on 8 December, though buyers into Everett would likely have to pay a premium because of the promptness of the requirements.
The forecast indicates colder-than-normal weather will remain in New England through 16 December.
The Maran Gas Antibes was initially headed for France's southern coast on 3 December, suggesting arrival at the 6.6mn t/yr Fos Cavaou terminal. But weakening demand in France may have prompted the diversion, with the country's piped exports to Italy and Belgium near capacity over 1-4 December, averaging 198 GWh/d, up from 155 GWh/d over the same period a month earlier.
If delivered to Everett, the cargo would be Egypt's first LNG export to the US since 2012, according to Kpler data. Egypt's LNG exports have declined sharply since 2022 on lower domestic gas production, falling from 7.14mn t that year to 460,000t so far this year. Despite importing much more gas than it exports, the country continues to ship out LNG to incentivize upstream investment.
Everett, owned by US utility Constellation Energy, last imported a cargo in September, ship-tracking data from Kpler show. Imports last winter were limited to a partial cargo each in December and January. Though the US is the world's largest LNG exporter, the Jones Act requires ships going from one US port to another to sail under the US flag. Only one LNG carrier in the global fleet complies with the century-old cabotage law.
