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Market absorbs yesterdays supply shock well

Close price: Prices closed higher. Not as high as first feared and upon opening yesterday, as the market at first reacted to the fire and damage at the US Freeport LNG Terminal.

Opening price: There has been no real direction in the markets today, as the market takes check of yesterday’s developments and waits for further news on the Freeport fire. It is estimated Europe will lose 13-15 LNG tanker deliveries over a 3 week closure. Oil has softened slightly today after a strong week, with news that the COVID alert status in Beijing and Shanghai has increased, casting doubt on future oil consumption which had been priced in to increase.