Asia LNG prices with Chinese and Indian demand
Asian liquefied natural gas (LNG) prices edged higher this past week as Chinese and Indian buyers boost demand with spot purchases.
By Michael McGrady, Maritime Direct Americas & Pacific Correspondent
The average LNG price for delivery into Northeast Asia markets was estimated at $5.7 per mmBtu and up to 10 cents from the previous week.
Per Reuters wire reports, industry sources note that the price for cargoes delivered was estimated at $5.8 per mmBtu.
Demands in India issued tenders seeking to buy two cargoes for delivery into Indian and offering other two cargoes for loading from seaports in the United States. Cargoes, in this case, sold $5.4-$5.5 per mmBtu.
China had similar points of demand.
For instance, Guangzhou Gas bought cargo to deliver into Dapeng at $5.6 to $5.8 per mmBtu, while China Gas bought a cargo load to be delivered to Dalian at $5.5 to $5.7 mmBtu.
Petronas in Malaysia, per the same report from Reuters, likely sold a cargo for May delivery at $5.6 per mmBtu, while Oman LNG is likely to offer cargo for delivery in the second half of the year. With surging prices, the shipping volumes are bound to climb, too.
Expect surges in volumes through the Panama Canal if Asia demand for LNG remains high.
