Vortexa LNG Weekly

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22 September 2026LNG Weekly
Distilling what matters in the global LNG market right nowIn partnership with KayrrosLast week at a glanceAtlantic basinPacific basinDemandEuropean arrivals remain stable but cargo diversions pick up amid open inter-basin arbitrageAsia imports rebound ahead of regional holidays despite higher spot pricesSupplyUS exports rise slightly despite planned maintenance at Cameron and Cove Point terminalsHormuz LNG traffic continues at a trickle with three laden outbound carriers; Qatar sends second cargo to Pakistan in as many weeks
FOCUS TOPICLNG import flows by destination region
(mt, comparison of last 4 weeks (rolling sum total))
Source: Vortexa. Get live data on platform (https://marketingmail.vortexa.com/ODM3LU1aRS01NzgAAAGkaNG1_F6Gl257R1Ad1VbdMqdAd_lukIQ8KABY-tCp1bzngqRjYWlNGtiyVUa-tEry01mNgtA=)  (clients only). Import comparison is to same period last year. * ‘Last 4 weeks’ reference period = 24 August-20 September 2026. ** JKT = Japan, Korea and Taiwan.
Asia’s LNG imports rebound amid surging regional spot prices, supported by stronger volumes to China ahead of Golden Week holiday
Last week’s aggregate Asia arrivals (5.5 mt, 88 cargoes) rebounded after two consecutive weeks of declines and were up more than 10% on their four-week moving average. This was led by stronger imports to China (1.9 mt, 34 cargoes), which were at their highest since July. Receipts in South Korea (1.0 mt, 15 cargoes) were the most in a month, while deliveries to Taiwan (0.5 mt, seven cargoes) were in line with their four-week average. Shipments to Japan (0.6 mt, 10 cargoes) fell to their lowest since July. LNG inventories held by Japan’s major power producers were more than 20% above their five-year September average amid the Silver Week holiday and business disruption caused by Typhoon Dujuan.
Regional spot prices rose further to an average of US$28.6/MMBtu† last week, which dampened buying interest from price-sensitive South Asian markets. India’s volumes (0.5 mt, seven cargoes) were almost 15% below their four-week average, including one cargo from the UAE on the ADNOC-controlled Umm Al Ashtan carrier after its ‘dark’ outbound Hormuz transit. Pakistan did not receive any cargoes last week, although it will shortly receive one cargo on the QatarEnergy-controlled Shandong Redwood carrier after it exited the chokepoint with AIS transmissions switched on.
Europe’s LNG arrivals hold steady, as inter-basin arbitrage swings open again
Europe-wide LNG deliveries (1.9 mt, 32 cargoes) were consistent with their four-week average. Arrivals to France (0.4 mt, six cargoes) were 5% above their four-week average after the conclusion of strikes by French unions that affected operations at the Fluxys-operated Dunkirk LNG import terminal. Belgium received two cargoes (0.1 mt) after a one-week pause in imports, while Germany’s volumes (0.1 mt, one cargo) were at their weakest since July. 
In the Mediterranean, shipments to Italy (0.3 mt, four cargoes) were 5% above their four-week average amid planned downtime at facilities supporting Italy’s piped gas inflows from Algeria. Spain’s receipts (0.2 mt, four cargoes) were slightly below by the same metric. 
The inter-basin arbitrage for flexible Atlantic cargoes remained open last week, with several laden carriers including the BW Clear Sky, BW Cassia and Assos diverting in the Atlantic basin toward the Cape of Good Hope. Weekly average spot LNG prices in Northeast Asia were at a US$2.2/MMBtu† premium to Northwest Europe — the widest price spread since June. EU-wide gas storage fill ended the week at 70%, still trailing the five-year average by 16 percentage points. Aggregate EU LNG send-out averaged 3,600 GWh/d, about 5% above its four-week average. 

FOCUS TOPICLNG export flows by supply region
(mt, comparison of last 4 weeks (rolling sum total))
Source: Vortexa. Get live data on platform (https://marketingmail.vortexa.com/ODM3LU1aRS01NzgAAAGkaNG1_CoiaYmEgApWkg9lsoCnjhMtqGLhq1S5WyHWkvWHN4_zd8DTVwjtOjez53m8YnpmS3A=)  (clients only). Export comparison is to preceding 4 weeks in current year. * ‘Last 4 weeks’ reference period = 24 August-20 September 2026.
Qatar sends second cargo to Pakistan in as many weeks
Three LNG carriers made confirmed Hormuz transits last week - down slightly from the four-week average of four crossings. All three were laden outbound transits, which included two Qatari cargoes on the Al Daayen and Shandong Redwood carriers. The former is now heading toward Asia after its ‘dark’ transit of the chokepoint.
Qatar’s Ras Laffan terminal loaded four cargoes (0.3 mt) last week, in line with its four-week average. This included the Al Daayen carrier, while the other three carriers remain west of Hormuz. Meanwhile, another two Qatar-origin cargoes – on the Al Dafna and Al Gattara carriers – were delivered to Kuwait, within the region.  
In the UAE, two laden ADNOC-controlled carriers arrived in India after earlier ‘dark’ outbound Hormuz transits. The Umm Al Ashtan carrier discharged at the Mundra LNG terminal, while the Marigold LNG vessel unloaded at the Dabhol LNG facility.
US LNG exports up slightly despite start of planned downtime at Cameron and Cove Point LNG facilities
Last week, US supply (2.5 mt, 36 cargoes) grew slightly and was almost 5% above its four-week moving average. This was despite the commencement of scheduled outages at the Cameron and Cove Point terminals. 
In contrast, Australia’s exports (1.5 mt, 22 cargoes) were 5% under by the same metric, with output from the Queensland Curtis facility (0.1 mt, two cargoes) at its lowest in a month while shipments from the North West Shelf terminal (0.1 mt, two cargoes) were at their weakest since June. Elsewhere, Oman’s LNG loadings (0.2 mt, two cargoes) remained at their lowest in about a year due to planned maintenance at Train 1 of its three-train terminal.

† Price commentary based on Argus Media group weekly average price data.
FOCUS TOPICLNG Market SpotlightFocus topic chart (https://marketingmail.vortexa.com/ODM3LU1aRS01NzgAAAGkaNG1_J8H8lld-_1MhvX40jqxziao6UxipT848LbXlb9jubKc3fAvtGTryYBMuSG-z-ZC4Hw=) 
Source: Vortexa, KayrosDaily data from the last 3 months - updated for 26 January 2026
The latest edition covers the spike in regional spot LNG prices, which hit their highest in over three years. We also assess: how Qatar and the UAE have utilised STS activity east of Hormuz to focus transit risk on older steam carriers; why seasonal competition for marginal Atlantic-origin cargoes will remain turbulent even though the inter-basin arbitrage has consistently pointed to Europe over recent weeks; and the reasons behind the constrained near-term outlook for longer Atlantic-to-Asia voyages.LNG trade flow intelligence
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22 September 2026 · 16:00 UTC