--DES Northeast Asia

There is no sign that relaxed supply-demand fundamentals will improve in the absence of potential spot buyers. Many gas end-users insist that their supply and demand are balanced, saying that intake of term contract cargoes is enough to meet winter demand. But a cold snap is forecast to blanket broad areas in Northeast Asia at the year-end/new-year period. In South Korea, a cold wave warning was issued as chilly air with minus 35 degrees flowed into the sky. At metropolitan areas, the lowest temperature on Dec 26 dropped to around minus 16 degrees. In Japan as well, the Meteorological Agency issued "Early Weather Information on Low Temperatures" to West Japan, indicating West Japan in may be gripped in early next year by extremely low temperatures that could be experienced only once in 10 years. In addition, there is a possibility of heavy snowfall in coastal areas of the Japan Sea, potentially paralyzing the energy infrastructure. Similarly, the temperatures in Europe are forecast to be far below normal years from the beginning of next year, so that heating demand for gas could pick up in both Europe and Northeast Asia.

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

India's state-run Gujarat State Petroleum Corp (GSPC) purchased one cargo for Jan 22-29 delivery to the 17.50 mil mt/year Dahej terminal or the 5.00 mil mt/year Mundra terminal at around $9.10 in a retender closed on Dec 23. An end-user that the seller might be state-run QatarEnergy or its trading subsidiary QatarEnergy Trading.

--FOB Atlantic, DES Europe and South America

Italian Enel was said to have bought one cargo each for February, April and May delivery. The awarded prices were said to be at discounts of 50-59cts to each month of TTF for February and April delivery. The price for May delivery was heard at a discount of 40-50cts to TTF. Destination for these cargoes was at the 3.67 mil mt/year Piombino terminal.