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Weekly Summary

LNG: Mar 29-Apr 2: DES Northeast Asia market rises further with strong purchasing to the summer season

--DES Northeast Asia

  DES Northeast Asia prices rose 30cts from last Friday to $7.00-7.30 for second-half May delivery. Many end-users including Chinese companies were moving to buy towards summer and demand was strong. As a result, market sentiment turned bullish. UNIPEC bought a spot cargo on Wednesday for May 26-31 delivery at $7.00-7.15. On the other hand, Korea Midland Power (KOMIPO) and steel manufacturer POSCO did not award their buy tender closed on Tuesday for one cargo to be delivered May 20-22 to the 2.30 mil mt/year Gwangyang terminal. With the DES Northeast Asia spot market moving up, offers apparently did not meet the two companies' expectations.


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

Regarding a sell tender closed by state-owned Pakistan LNG (PLL) on Tuesday for cargoes to be delivered to the 5.60 mil mt/year GasPort terminal, 12 companies were believed to have participated. PLL was expected to buy from the companies with the lowest offers. The lowest offers were from Italy's Eni at $6.70 for cargoes to be delivered on Apr 30, May 26-27 and Jun 18-19, from QP Trading, a subsidiary of Qatargas, at $6.825 for the cargo for May 11-12 delivery and $6.925 for the cargo for May 16-17 delivery, from European trader Vitol at $6.7832 for the cargo for May 31 delivery, and from PetroChina at $6.835 for the cargo for Jun 8-9 delivery and $6.885 for the cargo for Jun 27 delivery. Apart from these, European trader Gunvor, Britain's BP, DXT Commodities, Trafigura, France's Total, Korean steel manufacturer POSCO, Emirates National Oil Company (ENOC) and BB Energy had also taken part in the tender.

--FOB Atlantic, DES Europe and South America

Production from the 13.50 mil mt/year US Cameron project had fallen since last week. Minor troubles seemed to have occurred at some liquefaction facilities and run rates could not be raised. Shipments continued and equity holders Mitsui and Mitsubishi were not moving to buy alternative cargoes. But some long-term customers were worried that the production problem might be prolonged.

Tokyo : LNG Team  H Asahina   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.