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LNG: Apr 8-12: Egypt active to sell spot cargoes

2019/04/15 07:00

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

Egyptian Natural Gas Holding Co (EGAS) was active to sell spot LNG cargoes. In Egypt, domestic gas demand came to be fulfilled with gas from the offshore Zohr gas field, which came online in 2017. As a result, Egypt has LNG supply room. EGAS started selling outside the country. EGAS opened a sell tender for four May to June loading cargoes from the 7.20 mil mt/year Idku project. EGAS conducted a sell tender for four April loading cargoes in March too.

 

--DES Northeast Asia

DES Northeast prices rebounded as demand mainly from portfolio players emerged. Prices for mainly discussed second-half May delivery increased to $4.70-5.00. Portfolio players were seen moving to buy to replace cargoes affected by a cyclone which hit Northwest Australia in late March. Some players started buying as they felt that prices had reached a bottom. Market sentiment turned bullish. Sellers of unsold spot cargoes refrained from revising down offers, forecasting the market to rise in the days ahead.

 

--FOB Atlantic, DES Europe and South America

PetroChina takes equity cargoes from the Yamal project, where its parent company, China National Petroleum Corporation (CNPC), holds 20% equity, and also started lifting long-term cargoes of 3.00 mil mt/year from January 2019. PetroChina considered doing swap deals whereby it would supply Yamal cargoes to Europe and taking a similar quantity of cargoes on a DES China basis but at the moment, the company was just selling cargoes to Europe outright.

Tokyo : LNG Team  N Yanagi  +81-3-3552-2411
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