RIM Market News >  Weekly Summary

LNG: Feb 4-8: DES Northeast Asia extends loss with no new deals done

2019/02/11 07:00

--DES Northeast Asia

DES Northeast Asia prices were dragged down by thin spot demand. Most Chinese companies were taking Lunar New Year holidays and Feb 5 and Feb 6 were national holidays in most countries except Japan. No players started new discussions while results of tenders that were conducted by last weekend were heard. Korean energy major GS Energy awarded its buy tender closed on Feb 1 for one cargo to be delivered Mar 15-22 to the 3.00 mil mt/year Boryeong terminal at $6.60-6.80 although the winner was unclear.


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

In India, strong demand was seen from industrial end-users. But since demand from Northeast Asia was thin and available cargoes from the Middle East and the Atlantic basin could be sold to India, supply/demand fundamentals remained loose. Pakistan LNG Ltd (PLL) issued a buy tender for six cargoes to be delivered in May and June. PLL was seeking four cargoes in May which included one each during May 1-2, May 11-12, May 16-17 and May 27-28. Two cargoes were for delivery during Jun 14-15 and Jun 29-30. The tender would close on Mar 11.

A March-loading cargo from Oman was sold. Spain’s Union Fenosa Gas (UFG) was believed to have resold a long-term cargo. UFG was receiving 1.65 mil mt/year via a long-term contract but the company was reselling almost all the cargoes.


--FOB Atlantic, DES Europe and South America

In the Atlantic basin, cargoes were available from Angola, Nigeria, the US, and Russia. From Angola, a buy tender was issued. Most Atlantic cargoes were supplied to Europe as demand had been low from South America.

PetroChina Co Ltd was reportedly moving to sell cargoes from the 16.50 mil mt/year Yamal project in Russia to European players at its London branch. PetroChina was marketing one cargo each for delivery to Northwest Europe on Mar 3-5 and Mar 28-29. Angola LNG issued a new sell tender. The cargo was going to be delivered on Mar 5-7 if supplied to India and the Middle East and in late March if supplied to Northeast Asia.

Tokyo : LNG Team  M Fukami  +81-3-3552-2411
Copyright©2019 RIM Intelligence Co. ALL RIGHTS RESERVED.
facebook      twitter

About SSL?