Free Trial
USDJPY TECHS

Bear Flag

MNI EXCLUSIVE

MNI Interview With Minneapolis Fed Senior Economist

STIR

BLOCK, More Feb'23 SOFR Call flys

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Full LNG Terminals in India due to Industry Fuel Switching

LNG

India is suddenly facing a surplus of LNG as industries look for alternative sources instead of the high priced gas imports.

  • Storage at the Dahej and Hazira LNG import terminals are near max capacity. Lower demand due to higher prices has led to a reduction in usage at Petronet's biggest import terminal at Dahej according to CEO Akshay Kumar Singh. Industry has started buying cheaper oil products and domestic gas instead.
  • India has several long-term LNG contracts, making it challenging to significantly reduce imports but scheduled deliveries may need to be delayed.
  • This is a reversal of the recent struggle to secure supplies and cope with a gas shortage.
109 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

India is suddenly facing a surplus of LNG as industries look for alternative sources instead of the high priced gas imports.

  • Storage at the Dahej and Hazira LNG import terminals are near max capacity. Lower demand due to higher prices has led to a reduction in usage at Petronet's biggest import terminal at Dahej according to CEO Akshay Kumar Singh. Industry has started buying cheaper oil products and domestic gas instead.
  • India has several long-term LNG contracts, making it challenging to significantly reduce imports but scheduled deliveries may need to be delayed.
  • This is a reversal of the recent struggle to secure supplies and cope with a gas shortage.