--DES Northeast Asia

In the DES Northeast Asia market last week, the front delivery rose to around $15.10 in response to the strong Netherlands' TTF market and expected demand from China.

Beijing announced on Feb 4 that it would impose an additional 15% tariff on imported LNG from the US as a retaliation against tariff hikes by the US. Chinese end-users have allegedly started to procure cargo from Australia and the Middle East as a substitute for the expensive US cargo. Some sellers pointed out inquiries about availabilities from the Chinese players.

An end-user in Southern China, however, denied this move by saying, "Domestic demand in China has been weak. Moreover, US LNG accounts for a small portion of total LNG imports. So, the impact of retaliatory tariffs is small." In 2024, China imported more than 76.60 mil mt of LNG; the US accounted for just 5.4% of the figure.

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

Basrah Oil Company in Iraq signed with Halliburton, a major US developer, for the development of the Nahr Bin Omar and Sinbad oil fields to proceed with the production of oil and associated gas.

--FOB Atlantic, DES Europe and South America

Natural gas markets in Europe were boosted by forecasts of an intensifying cold snap and a rapid decline in natural gas inventories. Talks for first-half and second-half March delivery were still at a 50-60cts discount to the March contract of the TTF market.