--DES Northeast Asia

In the DES Northeast Asia market last week, the front delivery fell to around $13.50. Despite temporal surge in the Netherlands' TTF market, a loose supply/demand balance in Northeast Asia weighed on prices.

INPEX was said to have sold a cargo from the 11.40 mil mt/year Oman project on a DES basis. According to fresh information, INPEX sold the cargo for Feb 24-28 loading at a discount of 20-30cts to the March contract of DES Northeast Asia spot quotations. A Japanese energy utility commented, "The price is much lower than the discussion level we have heard so far, proving such a slack supply/demand."

Regarding the gas demand in the New Year holiday season, a major city gas company in west Japan said, "An increase in demand from households was offset with a decrease in demand from industrial sectors." The company then said, "The arrival of a cold spell in west Japan has been increasing demand for heating; however, the longer holiday season this year halted the operation of factories, reducing demand for industry more than usual."

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

Israel and Hamas, an Islamic organization in the Palestinian Gaza Strip, reached a ceasefire. In the wake of the agreement, along with the easing geopolitical risk in the Middle East, "The LNG shipment loading from the Middle East via the Red Sea-Suez Canal route may be resumed" (a Japanese company) was heard.

--FOB Atlantic, DES Europe and South America

Ukraine attempted to attack on a facility connecting to "TurkStream", the gas pipeline from Russia to Europe, raising concerns about gas supply to Europe. Ten European countries that do not import Russian LNG asking the European Union (EU) to halt LNG imports from Russia worked as a bullish sentiment.