💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Global LNG-Prices hold as major tender results awaited

Published 15/08/2015, 03:15 am
© Reuters.  Global LNG-Prices hold as major tender results awaited
SHEL
-
BHPB
-
NG
-

* Spree of tender awards due next week

* Nigeria LNG force majeure not impacting market

* October prices under pressure

MILAN/LONDON Aug 14 (Reuters) - Asian liquefied natural gas (LNG) prices steadied for September delivery this week as traders awaited the outcome of purchase and supply tenders to signal price direction.

"There's a lot of offers, a lot of tendered supply, but while those tenders haven't closed yet, actual executed prices are a little unclear," said a trader.

The price of Asian spot cargoes held steady at around $8.00 per million British thermal units (mmBtu), level-pegging with October prices, which were coming under pressure.

Japanese utility Tohoku Electric purchased a cargo for mid-October delivery paying around $8.00 per million British thermal units (mmBtu), a trader said. LNG/TEND

Shell's RDSa.L force majeure on gas supplies to Nigeria's LNG export terminal at Bonny Island failed to move the dial on supply outlooks so far, with Bonny cargoes loading as planned. ID:nL5N10H3H7

"There's been no actual impact at the terminal, the force majeure was only ever declared on the feed gas pipeline which was 40 percent of the total supply into the terminal and I suppose the other feed gas pipelines have the ability to ramp up and replace if not all, certainly some of that supply," the trader said.

Australia's BHP Billiton (LONDON:BLT) was offering a single cargo loading on Oct. 13 from the North West Shelf export plant. ID:nL5N10N3YG

Indonesia's BP-operated Tangguh project put three cargoes up for sale all with October loading dates, a trader said.

On the demand side, Argentina and Jordan sought three and two cargoes, respectively, for October delivery, with Israel tendering for one September delivery. ID:nL5N10N41G ID:nL5N10N3W0 ID:nL5N10M2VZ

Indian LNG importers are increasingly turning down supplies under more expensive oil-indexed, long-term contracts from Qatar in favour of purchasing cheaper spot cargoes.

Gail India launched two tenders for up to 17 cargoes in total. Five cargoes are for delivery in October to December. A second tender asks for one cargo/month in 2016. ID:nL3N10M3S6

Indian Oil Corp launched a tender for one September cargo. ID:nL5N10L2HT

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.