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LONDON (ICIS)– The price spread between the ICIS East Asia Index (EAX) and Dutch TTF widened over the week, with East Asian spot prices dipping on high utility inventory levels in Japan and the latest tender cargo awards from south and southeast Asia.

TTF gas prices firmed in contrast, largely driven by gains made early in the week following Russia’s Gazprom announcing that it was considering sanctions against Ukraine’s Naftogaz and potential listed persons, a reaction to claims made by the Ukrainian company in arbitration proceedings. Cold weather and rising heating demand also drove bullish sentiment on the TTF.

Germany struck a deal to receive LNG supply at one German site from the Middle East, and launched an open season at another site. Qatar selected France’s TotalEnergies as the first international partner in its 16mtpa North Field South project.

TTF Rises, EAX Dips

The ICIS TTF October ’22 contract settled at $57.46/MMBtu on 28 September, up around $3/MMBtu from a week earlier. The benchmark gained value following Gazprom’s announcement earlier in the week that it was considering sanctions against Ukraine’s Naftogaz.

Lower temperatures and higher heating demand also drove price rises.

The ICIS East Asia Index (EAX) softened over the week as Japan’s Ministry of Economy, Trade, and Industry (METI) data showed that LNG stocks in the country’s major power utilities rose to 2.69m tonnes as of 25 September, up nearly 6% and at a year-high. METI also reported that city gas data for July showed LNG storage at 2.51m tonnes, the second highest in any month in records stretching back to 2009. The highest was just under 2.6m in November 2019.


A delivered buy tender from Thai incumbent PTT that closed on 28 September for 21-25 October was awarded in the mid-to-high $30.00s/MMBtu.

Indian grid utility GAIL awarded at least two of four delivered buy cargoes in the low-to-mid $30.00s/MMBtu.

Thai incumbent PTT issued a 21-25 October delivered buy tender to the Map ta Phut terminal.

The tender closed on 28 September.

Egyptian producer EGAS offered two LNG cargoes loading from either Idku or Damietta on 3-4 and 4-5 October. The tender closed on 27 September.

West African producer Angola LNG issued a new sell tender for a cargo available for delivery between 28 October to 23 November. Pricing can be indexed to the TTF, an Asian spot price or the US Henry Hub gas benchmark. Offers were due by 29 September.

Europe Deals, Infrastructure

The UAE’s ADNOC will supply Germany’s RWE with a cargo of LNG for the new Elbehafen LNG import terminal at Brunsbuttel in December 2022. The two companies also signed a memorandum of understanding to discuss long-term supplies to Germany from 2023 onwards.

Deutsche ReGas, the developers of a new LNG import terminal at Lubmin, Germany announced the launch of a binding open season for first phase capacity at the terminal and a non-binding open season for second phase capacity.

Nord Stream suffered damage from sabotage this week. The pipe was not delivering gas.


U.S. operator Kinder Morgan said on 28 September that the 2.5mtpa Elba LNG in Georgia was expected to remain online as Hurricane Ian was passing through the U.S. southeast region.

U.S. LNG developer Tellurian received a notice of termination on 23 September for its sales and purchase contracts signed in July 2021 from portfolio company Shell, Tellurian said in an investor filing. Tellurian also notified trading house Vitol of the termination of its SPA.

China, Middle East

CNOOC’s Jiangsu-Binhai terminal is now operational, receiving a cargo that loaded from Qatar’s Ras Laffan plant on 26 September.

Qatar selected France’s TotalEnergies as the first international partner in its 16mtpa North Field South project.

Nigeria Outage

Italian producer Eni expected production losses at Nigeria’s Bonny LNG plant due to a gas leak incident caused by sabotage on a pipeline. The pipeline is being repaired but no estimated timeline for the repairs was given by Eni.