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LNG: Falling JKM Price Pulls Buyers Back into Market: Platts

LNG

JKM prices fell 5.3% week-on-week to $13.465/MMBtu Sep. 6, prompting price-sensitive Chinese buyers to secure near-term cargoes, Platts said.

  • Chinese buyers secured two shipments around $12.8-$13/MMBtu last week, while the lower prices have drawn interest from South Korean importers looking to replenish stocks.
  • Japanese users were also heard seeking cargoes for October.
  • However, demand in Southeast Asia remains subdued due to lower gas-power generation requirements during floods and monsoon season.
  • In India, buying interest emerged from Bharat Petroleum, Indian Oil, and GAIL, securing Sep/Oct cargoes, Platts said.
  • However, falling crude prices could erase some Indian gas demand as end users consider switching to propane, fuel oil, or naphtha, Platts said.
  • Active procurement in Asia, coupled with Egyptian demand, has absorbed surplus cargoes and shut the East-West arbitrage.
  • This has limited additional supply to Asia for October and November, with the arbitrage between North Asia and North Europe now negative.
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