--DES Northeast Asia

In the DES Northeast Asia market last week, the front delivery rose to around $13.60. Prices gained on the strong Netherlands' TTF market, where the discussion between the US and Russia ending up just a partial ceasefire worked as a bullish sentiment.

Despite the rise in prices, demand from DES Northeast Asia remained dull. In China, where lorry LNG prices have hovered low, end users appeared to sustain a loss if they procured spot cargoes and sold under the current market. "The breakeven point is under $10.00. At this moment, many end-users consider reselling cargoes rather than buying," a Chinese end-user said. In Japan, spot demand was not brisk prior to the low demand season. Some sources, however, were worried about drawing LNG inventories for power generation, which were owned by power companies such as JERA. In fact, JERA was seen to have already purchased two prompt delivery cargoes, but another source reckoned, "They seem to have interest in additional spot buying for April delivery as well."

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

Oman LNG issued a sell tender that would be closed on Mar 20. Through the tender, Oman LNG planned to sell one cargo loading from its 11.40 mil mt/year Oman project on Apr 21-23.

--FOB Atlantic, DES Europe and South America

The outcomes of the call discussion between US President Donald Trump and Russian President Vladimir Putin on Mar 18 were just a partial ceasefire. "It is not clear whether the agreement is really obeyed or not. Furthermore, too many hurdles remain to stop war and resume Russian natural gas supply. I think there are not many rooms for gas prices to lower on the assumption of the end of war," a Japanese company said.