Asian spot liquefied natural gas (LNG) prices edged higher this week, boosted by spot purchases from Chinese and Indian buyers though ample supply capped gains, industry sources told Reuters.
The average LNG price for April delivery into Northeast Asia was estimated at about $5.70 per million British thermal units (mmBtu), up about 10 cents from the previous week, sources said.
Prices for cargoes delivered in May were estimated at about $5.80 per mmBtu, they added.
Several tenders were issued by both buyers and sellers this week.
GAIL (India) issued a tender seeking to buy two cargoes for delivery into India and offering two cargoes for loading from the United States, two industry sources said.
It likely bought the cargoes at $5.40-5.50 per mmBtu, one source said.
India's Gujarat State Petroleum Corp (GSPC) is seeking two cargoes for delivery over late March and early April through two separate tenders, and is also seeking one cargo a month for delivery over May until April next year, sources said.
Guangzhou Gas bought a cargo for April 5-11 delivery into Dapeng at about $5.60 to $5.80 per mmBtu on a delivered ex-ship (DES) basis, while China Gas bought a cargo for April 9-15 delivery into Dalian at $5.50 to $5.70 per mmBtu, sources said.
China's Dongguan Daosen also bought a cargo for delivery into Shenzhen over March 31 to April 2 at $5.50 to $5.70 per mmBtu, one source said.
On the supply side, Malaysia's Petronas likely sold a cargo for early May delivery at around $5.60 per mmBtu while Oman LNG may be offering a cargo for delivery in the second half, the source added.
Venture Global LNG expects to install the 7th and 8th of 18 liquefaction trains at its Calcasieu Pass LNG export plant in Louisiana, United States in the next few weeks, which is expected to add to supply by early next year.