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LNG: Jan 7-11: DES Northeast Asia prices softens; weak sentiment with limited demand

2019/01/14 07:00

--DES Northeast Asia
DES Northeast Asia prices softened last week. Kuwait Foreign Petroleum Exploration Company (KUFPEC) conducted a sell tender for a cargo to be loaded from the 8.90mil mt/year Wheatstone project in Australia. In addition to this, cargoes were seen from the 15.60mil mt/year Gorgon project and the 16.60mil mt/year North West Shelf project in Australia. Ample supply was seen as even Malaysias state-run Petronas and ExxonMobil sold spot cargoes. Meanwhile, demand was thin in Northeast Asia as only Tohoku Electric Power issued a buy tender for a February delivery cargo.
 
--FOB Middle East, DES South Asia and DES Middle East
Prices for FOB Middle East, DES South Asia and DES Middle East also dropped last week. In the Middle East, Oman LNG and Qatargas were seen moving to sell spot cargoes. Meanwhile in India, GAIL (India) Ltd, Bharat Petroleum Corp (BPCL), Gujarat State Petroleum Co (GSPC) and Torrent power issued different buy tenders. However, as demand from the Middle East and Northeast Asia was thin, supply from the Middle East remained higher than demand from India.
 
--FOB Atlantic, DES Europe and DES South America
FOB Atlantic and DES South America prices fell last week. Ample supply was observed from the Atlantic region as cargoes were seen from the 18.00mil mt/year Sabine Pass project, the 5.25mil mt/year Cove Point project, the 21.60mil mt/year Nigeria project, and the 5.50mil mt/year Angola project. Meanwhile, demand was thin in Europe and no players were seen moving to buy spot cargoes for South America like Brazil and Argentina.

Tokyo : LNG Team  Y. Ota  +81-3-3552-2411
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