GlObal lng: asia spOT sTeady aT Three-year high

The Sunday Guardian - - & Comment Analysis - REUTERS

LON­DON: Asian spot liq­ue­fied nat­u­ral gas (LNG) prices held steady near three-year highs this week as pro­duc­tion prob­lems in In­done­sia, higher oil and Euro­pean gas bench­marks and ten­der awards lent sup­port. Spot prices for Jan­uary de­liv­ery were un­changed at $9.85 per mil­lion Bri­tish ther­mal units. Re­newed In­dian de­mand for spot car­goes in Jan­uary and be­yond helped buoy mar­kets even as traders as­sessed that the two biggest buy­ers, South Korea and Japan, may keep a low pro­file for the rest of win­ter, bar­ring un­sea­son­ably cold weather. Korea Gas Corp is es­ti­mated to have re­cently pur­chased 10 car­goes to cover the re­main­der of its win­ter needs and Ja­panese im­porters showed few signs of top­ping up stocks for now. In­dia’s Bharat Pe­tro­leum came out this week with two ten­ders seek­ing a spot cargo in Jan­uary and three more spread across May, Au­gust and Oc­to­ber.

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