A roundup of news and commentary from NGI’s LNG Insight

  • Asian LNG prices were stable as spot assessments fell below $9.00/MMBtu last week after skyrocketing above $30 earlier this month. Warmer weather and increasing spot tenders from suppliers were driving down prices, with supply offers below $7.00 for March delivery. 
  • Pakistan LNG Ltd. (PLL) said it saved $30 million by reissuing a tender to buy three spot cargoes for March. The tender opened on Jan. 15 and multiple bids were received, but the company did not make an award “considering the rapidly changing supply and demand position.” The tender was reissued on Jan. 21 and awarded at a lower price.
  • Egypt will reportedly reopen one of two trains at the Damietta LNG export terminal by the end of February, Oil Minister Tarek El-Molla told consultancy Gulf Intelligence in an interview. Damietta has been shuttered for eight years. The country has continued to ramp-up LNG exports from Idku LNG since late last year.
  • Adani Total Gas Ltd and Torrent Gas Pvt. Ltd, two of India’s leading gas companies, have acquired a 5% equity stake in the Indian Gas Exchange (IGX), launched last year as consumption and trading grows in the country. IGX said the investment would help to further the development of India’s gas markets.