LNG: Dec 2-6: NE Asia market softens amid loose supply/demand
--DES Northeast Asia
DES Northeast Asia prices slightly dropped for prompt timings. Several cargoes including cargoes from the 8.40 mil mt/year Ichthys project in Australia were available via tenders while cargoes from Papua New Guinea, Pluto, Oman, Qatar, Nigeria and Angola were offered via private discussions. In addition, Conoco Philips had issued 12 cargo sell tender from the 14.00mil mt/year Australia Pacific LNG project. Meanwhile, Tohoku Electric and Guangzhou Gas had issued buy tenders, however, no other players were seen moving to buy.
--FOB Middle East, DES South Asia and the Middle East
In the South Asian market, Gujarat State Petroleum Corp Ltd (GSPC) had issued buy tender for single cargo to be delivered during Jan 20 to Feb 10. In addition, Indian Oil Company was planning to procure January delivery cargo. Meanwhile, movement of end-users in the Middle east was sluggish. The market sentiment was weak as production was increased in the 7.20mil mt/year Idku project in Egypt while ample availability was seen from Oman and Qatar.
GAIL (India) Co Ltd had issued sell tender for cargoes from the 22.50mil mt/year Sabine Pass project and the 5.70mil mt/year Cove Point project in the US which to be loaded in the year 2020 to 2021. In addition, Angola LNG also had issued a sell tender for a cargo to be delivered during January to February 2020. Meanwhile, buy tender was issued by Mexico's CFE for two cargoes to be delivered during January and three cargoes to be delivered during February.