Vortexa LNG Weekly

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11 November 2026LNG Weekly
Distilling what matters in the global LNG market right nowIn partnership with KayrrosLast week at a glanceAtlantic basinPacific basinDemandEurope’s LNG arrivals stay firm as gas storage withdrawals pick up amid colder weatherAsia’s imports decline as elevated spot LNG prices weigh on demandSupplyUS LNG output stable as Golden Pass continues to ramp upHormuz LNG traffic maintains recent relative strength, led by outbound crossings by Qatari cargoes
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/ODM3LU1aRS01NzgAAAGlaVguESV1xhabAxa6blbP4kIh9O5gdET6WHpS5zVatIIc_QPOgTvJ3YcJra5LO1LXxRcr14U=)  (clients only). Import comparison is to same period last year. * ‘Last 4 weeks’ reference period = 12 October-8 November 2026. ** JKT = Japan, Korea and Taiwan.
Asia’s LNG imports fall as elevated spot LNG prices dampen demand
Last week's aggregate Asia arrivals (4.3 mt, 66 cargoes) were at their lowest since September as elevated LNG prices weighed on demand. Average regional spot prices dipped 4% week-on-week to US$31/MMBtu†. Deliveries to China (1.2 mt, 18 cargoes) were almost 20% below their four-week average, including one cargo from Qatar. Volumes to Japan (0.8 mt, 13 cargoes) were at their weakest since September despite LNG inventories held by the country’s major power producers falling to 10% below their five-year average. South Korea’s receipts (0.8 mt, 12 cargoes) were 5% below their four-week average, partially supported by pre-winter re-stocking amid below-average LNG inventories.
In Southeast and South Asia, shipments to India (0.5 mt, seven cargoes) were 5% below their four-week average. Pakistan and Singapore did not receive any cargoes last week, a first for the latter since July. In contrast, Thailand’s imports (0.4 mt, five cargoes) were at their highest since September, driven by stronger electricity demand and weaker coal-fired power generation.
Europe’s LNG arrivals robust amid quicker gas storage withdrawals and closed inter-basin arbitrage
Europe-wide LNG deliveries (2.2 mt, 36 cargoes) sustained the previous week’s strong level, amid an acceleration in winter gas storage withdrawals and a closed inter-basin arbitrage for flexible Atlantic supply to Asia. EU-wide gas storage fill ended last week at 72%, trailing the five-year average by 17 percentage points. Aggregate EU LNG send-out averaged approximately 4,000 GWh/d, 5% above its four-week trendline. Weekly average spot LNG prices in Northeast Asia have rebounded to a US$2.2/MMBtu† premium to Northwest Europe, the widest since September.
The UK’s receipts (0.3 mt, four cargoes) were at their highest since March as a stronger November NBP gas contract relative to the TTF began to attract imports. France’s arrivals (0.3 mt, six cargoes) were about 15% below their four-week average, while shipments to Germany (0.2 mt, three cargoes) were at their strongest since Q3. In contrast, the Netherlands received four cargoes (0.3 mt), its weakest since September.
In the Mediterranean, Spain’s imports (0.3 mt, six cargoes) were consistent with their four-week average, while Italy’s receipts (0.4 mt, six cargoes) were at their highest since August. The latter’s 2.8 mtpa Toscana terminal received its first post-maintenance cargo following a month-long planned outage.
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/ODM3LU1aRS01NzgAAAGlaVguEQ4V4eR5tSs0szyuhdLz9eOec6ykEOMNtSYddKWEJuhczYMBTzGxYz9bKeZJkyTz7pA=)  (clients only). Export comparison is to preceding 4 weeks in current year. * ‘Last 4 weeks’ reference period = 12 October-8 November 2026.
Hormuz LNG traffic maintains relative ongoing strength, led by outbound voyages by Qatari cargoes 
There were more than 15 confirmed Hormuz transits by LNG carriers last week, slightly above the four-week average. Of the confirmed LNG traffic, there were eight ‘dark’ laden outbound transits. These included six Qatari cargoes, of which one completed a ship-to-ship transfer (STS) east of Hormuz, off Oman. There were also two UAE cargoes on the Umm Al Ashtan and Tribhuwana carriers, with both signalling for arrival in India. 
Qatar’s Ras Laffan terminal loaded 10 cargoes (0.8 mt) last week, about 20% above its four-week average. This included one cargo discharged in Kuwait. Meanwhile, the UAE’s Das Island terminal loaded two cargoes (0.1 mt) last week.
US LNG exports steady as Golden Pass ramps up; Australia’s output hits one-month high despite ongoing Wheatstone outage
Last week, US supply (2.7 mt, 38 cargoes) was consistent with its four-week average as the Golden Pass terminal loaded one cargo (0.1 mt) for the fourth straight week. Elsewhere in the Atlantic basin, output from Trinidad and Tobago (0.2 mt, three cargoes) was at its highest since September, while Equatorial Guinea did not export any cargoes for the sixth consecutive week.
In the Pacific basin, Australia’s volumes (1.5 mt, 22 cargoes) were at their strongest in a month, driven by increased exports from the Gorgon (0.4 mt, six cargoes) and North West Shelf (0.3 mt, four cargoes) terminals, which were each about 20% above their respective four-week averages. The Wheatstone facility did not load any cargoes for the third straight week due to scheduled downtime.

† Price commentary based on Argus Media group weekly average price data.LNG Market SpotlightLNG Market Spotlight: sign up now (https://marketingmail.vortexa.com/ODM3LU1aRS01NzgAAAGlaVguER0j_qMbgpC8a2UkxU9BnNudA7VP0WVeaImxlxd-XqnJUeLbZJ0BLXMMxR-KnbPU2hE=) 
The latest edition covers the key trends in the Middle East and the global sector. Iran’s increased attacks on commercial vessels around the Strait of Hormuz have elevated risks to Qatar and UAE supply – just after Qatari outbound LNG transits hit a wartime high. We also assess scenarios for Qatar’s intended ramp-up, and for Russia’s Yamal LNG output in Q1 2027, after its deliveries to the EU cease.LNG trade flow intelligence
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11 November 2026 · 11:00 UTC