LNG-Asian spot LNG prices rise above $5/mmBtu on firm demand

SINGAPORE: Asian spot liquefied natural gas (LNG) prices rose to their highest level since mid-January on spot demand from Japan, Pakistan and India, industry sources said.

The average LNG price for November delivery into northeast Asia was estimated at about $5.20 per million British thermal units (mmBtu), up 30 cents from the previous week, the sources said.

Japan's Inpex Corp offered a cargo for loading over Oct. 19 to 23 from the Ichthys LNG plant in Australia in a tender that closes on Oct. 2, while Angola LNG offered a cargo for Nov. 15 to 20 loading in a tender that closes on Oct. 8, two sources said.

Pakistan LNG issued a tender to buy 6 cargoes for delivery in December, while Japan's Hokkaido Electric is seeking a cargo for delivery over late November to early December in a tender that closes on Friday, they said.

In India, Reliance Industries Ltd likely awarded its buy tender for a cargo to be delivered in November at about $5.05 to $5.15 per mmBtu while Indian Oil Corp likely bought a Nov. 6 cargo at about $5.05 per mmBtu, the sources added.

Angola LNG's tender offered an early November cargo was awarded at about $5 to $5.10 per mmBtu for delivery to Middle East or India region while Papua New Guinea may have sold a Nov. 6 loading cargo at close to $5.20 on a delivered basis, they said.

Earlier this week, Turkey's Botas likely bought a cargo for October delivery, one of the sources said, though details could not immediately be confirmed.

Also providing support, Chinese gas distributor ENN Energy Holdings is seeking eight cargoes for delivery over 2021 to 2022, in a tender that closes next week.

Chevron Corp is planning to shut production units progressively at its export plants in Western Australia for maintenance over 2021 to 2022, according to a notice on the energy company's website.