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Weekly Summary

LNG: Jun 14-18: DES Northeast Asia prices slip with supply capacity for prompt

--DES Northeast Asia

 DES Northeast Asia prices slipped 15cts from end last week to $11.70-12.00 for first-half August delivery. Supply room for prompt delivery in July remained and deal prices moved down, causing market sentiment to turn bearish. Chinese independent company Shenzhen Energy bought a cargo for delivery Jul 3-11 to the 4.00 mil mt/year Diefu terminal at $11.70 via a tender closed on Thursday. Several Chinese and Korean end-users began showing interest in buying spot cargoes at this level or below. Maintenance was taking place at three projects in Australia including the 8.90 mil mt/year Ichthys project and 16.50 mil mt/year Gorgon project, and supply on a DES Northeast Asia basis was not ample. As a result, many portfolio players with spot cargoes maintained their offers at $12.00 and above but end-users were not keen to purchase at this level.

--FOB Middle East, DES South Asia and the Middle East

 Egyptian Natural Gas Holding Company (EGAS) had sold a cargo loading at the 7.20 mil mt/year Idku project on Jul 26-27 to European trader Gunvor at a premium of 10cts to the Netherland's TTF.

--FOB Atlantic, DES Europe and South America

 Argentina's state-run IEASA was said to have secured at least four cargoes from British major BP, US Cheniere, Europe-based trader Trafigura and Gunvor via a tender closed on Tuesday. IEASA intended to buy a total of eight cargoes; seven of which were partial cargoes to be delivered to the 6.10 mil mt/year Escobar terminal on Aug 4, 13, 19, Sep 4, 11, 18, 30 and the remaining one to the 3.70 mil mt/year Bahia Blanca terminal on Aug 23. However, it was not clear which cargoes were awarded to each winner.

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