Search


You have searched for "storage"

Showing 41-50 of 4393

Sort by: Newest | Oldest | Relevance


Energy 15 May 2021 | 6:57 AM

GLOBAL-LNG-Asian spot prices hit $10 on global supply disruptions

RIO DE JANEIRO, May 14 (Reuters) - Asian spot prices for liquefied natural gas (LNG) rose this week on the back of tightened supplies around the world. The average LNG price for June delivery into Northeast Asia was estimated at about $10.15 per million British thermal units (mmBtu), up $0.50 from the previous week, industry sources said. The price for July delivery was estimated at about $10.25 per mmBtu, according to traders, almost twice as much February levels ($5.60). Export issues in Australia, Peru, Indonesia, Malaysia and Nigeria have contributed to a tight global supply at a time when Japan and Korea, among the world's largest buyers, are keeping LNG demand strong for summer power generation, industry sources said. LNG prices in Europe have also been trading near their highest level since January, amid record-high carbon prices and cold weather. Demand for power generation in the continent is strong, as inventories are below historical levels for this time of the year, threatening a potential stocking shortage ahead of next winter, according to BofA Global Research. As a result, European power prices rose to more than 25 euros per megawatts-hour (MW/h), compared to 3.50 euros per MWh last May, the firm said. "The market remains tight on a weather adjusted basis, pushing storage inventories further into deficit, " BofA's commodity and derivatives strategist Francisco Blanch said in a report. Australia's North West Shelf (NWS) project has asked at least one buyer in Japan to defer deliveries, two industry sources said. Egypt's Gas Co offered an LNG cargo for May 22-23 loading from Idku or Damietta, with bids are due May 17, according to one trader. Petronas sold a cargo from Brunei LNG for delivery between July 1-7 to North Asia above US$10 per mmBtu, industry sources said.