--DES Northeast Asia

　 The market has moved down throughout the week. Following the signing of a memorandum of understanding between Iran and the US, the number of vessels passing through the Strait of Hormuz including LNG tankers was apparently increasing. In response, expectations for the resumption of energy supply from the Middle East grew, putting downward pressure on European natural gas markets. Against this backdrop, DES Northeast Asia prices for first-half August delivery slipped to the low to mid $15 level. Sources had views that LNG supply from new North American LNG projects might increase in second-half 2026 onwards as well. Consequently, bearish sentiment spread across the market, and in talks among traders and portfolio players, buyers were seen tentatively bidding at lower levels, taking a "lucky if it sticks" approach, a Japanese analyst observed. PetroChina on Jul 17 sold a Jul 29-31 delivery cargo to British BP at a 1ct discount to the August contract of DES Northeast Asia spot quotations.

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

　 While several end-users in South Asia were recently engaged in spot procurement, sellers also seemed to be active in sales. A DES-based buy tender issued by state-run Indian Oil Corp (IOC) that closed on Jul 17 was awarded for one cargo at $14.90-15.00. IOC was initially reported to be looking for two cargoes, but it attempted to buy only one cargo for Jul 6, 7, 8 or 11 delivery. Following this tender, IOC additionally issued a DES-based buy tender for one cargo for Jul 1-15 delivery, with a closing date of Jul 19.

--FOB Atlantic, DES Europe and South America

　 State-run Angola LNG issued a DES-based sell tender closing on Jun 17, with bids valid until Jun 18. The tender was for July-August delivery from the 5.2 mil mt/year Angola project. Possible destinations included South America, Europe, South Asia, Southeast Asia, and Northeast Asia, allowing for wide flexibility. The company plans to load the cargo onto the 174,000cbm X-DF tanker "Greenergy Pearl."