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Lower Prices Spark Interest in LNG Spot Purchases in India

LNG

Asian LNG prices continue to decline to raise the interest of price sensitive countries such as India. India significantly cut spot LNG purchases last year due to high prices but is gradually increasing interest this year including several purchases this week.

  • Gail purchased three LNG cargoes on a DES basis for delivery to the Dabhol terminal between March and May at around the 13$/mmbtu range. The price was the lowest paid by India since summer 2021 according to Bloomberg sources.
  • In a tender from 20 Feb Gujarat State Petroleum Corp purchased an LNG cargo for delivery in 2H March to 1H April at around 14$/mmbtu.
  • India’s Torrent Power Ltd., Indian Oil Corp. and Bharat Petroleum Corp. are all showing interest in cargo availability according to Bloomberg.
  • The increasing competition for the global supplies is helping support European and Asian gas prices.
    • TTF MAR 23 down -1.6% at 49.76€/MWh
    • JKM Mar 23 up 0.4% at 14.36$/mmbtu
    • JKM-TTF Mar 23 up 0.2$/mmbtu at -1.1$/mmbtu
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