Europe’s delivered LNG and TTF prices diverge
Europe is not the market sink for excess LNG cargos. Only a small portion of North-Western Europe is. This is why the TTF is the benchmark price for sinking LNG. Spain is still very much a premium destination and the entire Med is similar. Their storage, liquidity, and network are not nearly strong enough to play market sink. Unsurprisingly, their prices differ from the TTF and so do prices for LNG deals in those regions. Oh and – if you come fro oil trading and you are used to the kind of liquidity the oil market shows, you will still find LNG very stiff.
