BAFL 38.50 Increased By ▲ 0.05 (0.13%)
BIPL 17.40 Increased By ▲ 0.15 (0.87%)
BOP 4.04 Decreased By ▼ -0.03 (-0.74%)
CNERGY 3.10 Increased By ▲ 0.02 (0.65%)
DFML 16.74 Increased By ▲ 0.19 (1.15%)
DGKC 43.94 Increased By ▲ 0.14 (0.32%)
FABL 22.50 Increased By ▲ 0.20 (0.9%)
FCCL 11.35 Increased By ▲ 0.04 (0.35%)
FFL 6.51 Increased By ▲ 0.14 (2.2%)
GGL 9.48 Decreased By ▼ -0.01 (-0.11%)
HBL 90.49 Decreased By ▼ -0.01 (-0.01%)
HUBC 87.50 Decreased By ▼ -0.20 (-0.23%)
HUMNL 5.47 Decreased By ▼ -0.02 (-0.36%)
KEL 2.00 Decreased By ▼ -0.01 (-0.5%)
LOTCHEM 28.60 Increased By ▲ 0.10 (0.35%)
MLCF 30.20 No Change ▼ 0.00 (0%)
OGDC 97.64 Decreased By ▼ -0.56 (-0.57%)
PAEL 10.03 Increased By ▲ 0.04 (0.4%)
PIBTL 3.95 Increased By ▲ 0.06 (1.54%)
PIOC 85.61 Increased By ▲ 0.36 (0.42%)
PPL 74.00 Decreased By ▼ -0.60 (-0.8%)
PRL 15.30 Decreased By ▼ -0.02 (-0.13%)
SILK 0.96 Increased By ▲ 0.02 (2.13%)
SNGP 46.75 Decreased By ▼ -0.05 (-0.11%)
SSGC 9.30 Decreased By ▼ -0.06 (-0.64%)
TELE 6.95 Decreased By ▼ -0.01 (-0.14%)
TPLP 12.33 No Change ▼ 0.00 (0%)
TRG 90.30 Increased By ▲ 0.15 (0.17%)
UNITY 25.50 Increased By ▲ 0.11 (0.43%)
WTL 1.16 Increased By ▲ 0.02 (1.75%)
BR100 4,652 Decreased By -4.5 (-0.1%)
BR30 16,621 Decreased By -41.7 (-0.25%)
KSE100 46,394 Increased By 29.3 (0.06%)
KSE30 16,050 Decreased By -122.5 (-0.76%)

LONDON: Asian spot liquefied natural gas (LNG) prices remained flat this week at the lowest level since July 2021 on muted demand and solid inventories in China, Japan and Korea.

The average LNG price for May delivery into northeast Asia was $12.50 per million British thermal units (mmBtu), unchanged from the previous week, industry sources estimated.

Prices have fallen 55% year-to-date and more than 82% from the August 2022 peak of $70.50/mmBtu.

“North Asian demand drivers are still errant, even for off-season speculative cargos. Pricing seems to be driven by sentiment correlated with euro hub markers,” said Toby Copson, global head of trading at Trident LNG.

“I expect we will trade in this narrow range while we sit in shoulder season - until some impetus emerges for utilities as Chinese and Korean storage seems topped up,” he added.

Tobias Davis, head of LNG Asia at brokerage Tullett Prebon, said the market has seen “fresh bouts of demand” from Thailand’s PTT which lifted around 10 cargoes at $12-$13/mmBtu and is tendering for more volumes for May-September, while the Philippines secured its first LNG import cargo from Vitol and Indian end-users continue to pick prompt volumes.

Global LNG: Asia spot prices slip as weak northern demand remains

“Prices below $13/mmBtu continue to deter China, which remains quiet and on the sidelines with opportunistic bids, while healthy storage in Japan and Korea continue to keep that all important end-user demand at bay,” Davis added.

Europe is still a favourable destination for cargoes, despite a series of strikes in France that have reduced the country’s LNG imports by around one million tonnes in March, as cargoes have been diverted to neighbouring terminals.

Ken Kiat Lee, senior analyst at consultancy firm FGE, said that despite Europe’s colder start to the shoulder season – the months after winter and ahead of summer - prices have continued to trade sideways with most markets sitting on above-average gas inventories.

S&P Global Commodity Insights assessed its daily north-west Europe LNG Marker (NWM) price benchmark for cargoes delivered in March on an ex-ship (DES) basis at $12.374/mmBtu on April 5, a $1.90/mmBtu discount to the May gas price at the Dutch gas TTF hub, according to Allen Reed, managing editor of Atlantic LNG.

Reed said that the spread between European gas and LNG prices hit a multi-month high on April 4 - at a $2.20 discount to Dutch gas prices for May - and was largely driven by strikes at French LNG terminals.

LNG spot freight rates have fallen amid softer gas prices and potential sub-charters entering the market, with Atlantic rates at $42,000/day on Thursday and Pacific rates at $62,750/day, according to Edward Armitage, an analyst at Spark Commodities.


1000 characters

Global LNG: Asian spot prices remain at 21-month low

Shamshad seeks greater role of provinces towards meeting targets

IRIS system’s capacity enhanced: Up to 0.6m taxpayers to file tax returns on a daily basis

Contracts with IPPs, tariffs and ‘SOFR’: ECC tells PD to analyse impact of change, financial implications

KE tariff hiked up to Rs4.45

NTDC accuses Nepra of unleashing ‘awry’ deductions

Ban on import of smuggled items through ATT imminent

‘Unholy’ pacts with IPPs must be reviewed: Senate panel

APSR for FY23 released: Banks, MFBs process e-banking transactions worth Rs167.4trn

Issuance of right shares: SECP places additional conditions for listed firms

ECP issues lists of delimited constituencies