Editor’s Note: This content is provided courtesy of Independent Commodity Intelligence Services (ICIS). Visit natgasintel.com/icis for more information.
SINGAPORE (ICIS) — The spread between the European TTF and the East Asia Index (EAX) further narrowed in the past two weeks, as Asian demand rose, especially in south Asia and Japan. The market saw a flurry of Asian tenders for summer deliveries, narrowing the price spread.
Abundant LNG heading to Europe, combined with above-normal wind output and rising storage levels pressured the TTF. However, market sentiment remains relatively bullish regarding the TTF. Spot prices rose on 9 June in Europe and Asia after the US Freeport LNG plant went offline due to a fire. The outage is expected to last at least three weeks. As many as 13 cargoes could be affected, raising the potential for spot buy tenders in the Atlantic and Pacific basins.
Tenders
IEASA received offers from eight companies on 8 June for its latest buy tender seeking 13 cargoes with delivery windows from 20 July to 28 August. BP, Shell, Total, PetroChina, RWE and trading houses Trafigura, Vitol and Gunvor submitted offers. Tender validity is through 9 June.
Japanese utility Tohoku Electric issued an August buy tender which closes on 9 June.
EGAS is offering a 28-29 June loading cargo through a tender closing on 13 June.
Pakistan LNG has reissued a 3-4 July DES buy tender after it rejected two bids last week. The tender closes on 10 June.
GSPC did not award its 1-15 October DES tender that closed on 7 June. But a four-cargo buy tender for the first halves of November, December and January awarded at least two cargoes in the mid-$27s/MMBtu to high $28.00s/MMBtu range.
GAIL issued a swap tender offering three 2023 FOB cargoes from Sabine Pass for July, August and September loading in exchange for three DES cargoes for 8-12 July, 4-6 August and 8-10 September delivery to Dahej.
US LNG
The 15mtpa US Freeport LNG plant will remain shut down for at least three weeks after a fire on June 8. That could represent a loss of around 940,000 tonnes of LNG, or over 13 cargoes, based on the average cargo size and output.
China Gas Holdings has signed a 0.7mtpa, 25-year LNG Sale and Purchase Agreement on an FOB basis with US-based Energy Transfer, the company announced on 6 June.
US Cheniere received FERC’s approval to start the cooldown of the LNG tank S-101 at its Sabine Pass plant.
Norway Supply
Major planned one-day maintenance in Norway was scheduled for 8 June. It has cut production by around 290mcm/day until 9 June.
Further planned maintenance in Norway will reduce capacity by a total of 130mcm/day on 9-15 June.
The 140,000cbm Arctic Voyager has loaded LNG and departed Norway’s Hammerfest plant on 6 June, signaling Skagen in Denmark. It is the first time the 4.3mtpa LNG plant restarted loading since it went offline in late September 2020.
Asian Activity
Tangguh LNG facility in Indonesia has one train down because of a mechanical issue. It should be back online in a week.
Japan’s activity has picked up recently. JERA is in the market for summer cargoes and Tohoku Electric is also seeking a summer cargo.
Shipping Diversions
The 174,000cbm LNG Enterprise appears to be diverting away from Italy to Asia. After it waited several days outside Italy’s Offshore LNG Toscana terminal, the Total-controlled vessel is now heading to the Suez Canal.
The 171,000cbm BW Pavilion Aranthera appears to be diverting away from Europe and towards Asia. The vessel is controlled by Singapore’s Pavilion Energy, laden with US cargo.
The 174,000cbm Gaslog Gibraltar has diverted away from its course to the Gate terminal to head to Asia instead.
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June 11, 2022 at 02:32AM
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Asia-Europe Price Spread Narrows on Asian LNG Tenders - Natural Gas Intelligence
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