LNG Cargo Diverted to Brazil as Hot Weather Drive Up Power Demand
11.22.2023 By Tank Terminals - NEWS

November 22, 2023 [Yahoo Finance]- Brazilian state energy company Petroleo Brasileiro SA is the buyer of at least one diverted tanker carrying liquefied natural gas as it responds to surging domestic power demand caused by high temperatures, according to a person familiar with the matter.

 

The LNG Alliance, carrying a US cargo from Sabine Pass in Louisiana, was initially heading to the UK but is now showing a destination of Pecem, Petrobras’ northeastern LNG import terminal, tanker data compiled by Bloomberg shows. The Global Sealine and Malaga Knutsen are also abruptly turning away from Europe, although the final destinations were not indicated. In addition to Petrobras’ LNG terminals, private companies import LNG at Açu and Sergipe.

Petrobras has LNG cargoes due to be delivered to Brazil “in the coming days,” as part of its commitment to deliver natural gas to its customers, the company said in a statement.

The diversion of LNG cargoes comes as European gas storage hubs are well-stocked and Asian buyers are looking to sell surplus inventory. Brazil’s LNG import demand is typically offset by high reservoir levels as the country relies on hydropower generation, but low wind and solar resources have spurred this latest need to import LNG, the person said.

 

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