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Weekly Summary

LNG: Sep 13-17: DES Northeast Asia prices surge due to European natural gas market

--DES Northeast Asia

DES Northeast Asia prices surged $4.25 from last Friday to $24.65-24.95 for second-half November delivery due to concerns about natural gas supply in Europe and LNG supply disruptions in the US. Further, production problems persisted at many projects that supply cargoes to Northeast Asia such as the 28.00 mil mt/year Bintulu project in Malaysia and 10.80 mil mt/year Sakhalin 2 project. Supply was therefore perceived to be tight. Some end-users that had previously refrained from spot purchase due to high prices were moving to buy prompt cargoes and this also gave a boost to the market.

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

Oman LNG was requesting several players including traders and end-users to submit expression of interest (EOI) for a cargo loading October from the Oman project for delivery to Northeast Asia during Oct 24-26. As reported, production at the Oman project was reduced due to troubles at the No.1 train and supply was delayed. On Wednesday to Thursday, supply began to the 137,248cbm conventional tanker "Sohar LNG", which had been made to wait for loading. Supply volumes slightly recovered in mid-September.

--FOB Atlantic, DES Europe and South America

While supply concerns caused by Hurricane Ida for forward loading remained, operations at all of three trains at the 15.00 mil mt/year Freeport project were halted. At the project, the 160,000cbm DFDE tanker "Golar Celsius" seemed to have loaded a cargo and departed on Wednesday.


Tokyo : LNG Team  S Hattori   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.