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Latest issue of The LNG Markets
Highlights of Issue :

A global rebound from Covid-19 combined with extraordinary demand for winter LNG cargoes, lowest EU gas storage level in five years and gas supply trouble in the US- first due to hurricane Ida and now hurricane Nicholas has pushed natural gas and LNG prices to its record high level.
Early in September, Hurricane Ida disrupted sizable feed gas supply in the US and now on Sep 14 hurricane Nicholas knocked out Freeport LNG liquefaction facility on the Texas Gulf Coast.

Kamlesh Trivedi



Trade Overview
Steep rise in winter prices feared by Asian European importers

Pakistan awarded its most expensive spot cargo of 2021 to Vitol

Pakistan’s state owned Pakistan State Oil (PSO) could not escape the current escalation in LNG spot prices and ended up paying the highest price in recent times for a spot LNG. PSO awarded cargo to the European trader Vitol at 24.5456%  of Brent for delivery on Sept 26-27, reported Pakistani daily Dawn. Vitol was the single bidder for the Sept 26-27 cargo. Earlier, PSO had rejected slightly higher bid of 27.54% of Brent by the same single bidder for delivery on Sept 24. 
On  Aug 24, another state-run firm Pakistan LNG Ltd (PLL) had also received very expensive bids for seven LNG cargoes for October and November ranging $17.1449 and $22.6 per mmBtu. PLL has not yet awarded contract for any of the cargoes, bids for which are still valid until next week, and has gone into emergency re-bidding for five cargoes.
PSO had confirmed to Dawn last month that the cargo for Aug 29-30 at $15.93, or 22.13pc, was the most expensive so far. “The highest slope PSO has paid was in February 2016 which was 18.93pc of Brent,” a company spokesperson said.
PLL has now sought fresh bids for five cargoes with delivery targets on Oct 8, 23 and 28 besides Nov 6 and 12. All these were single bids from Vitol Bahrain. Its bid rates ranged between $19 and $22.58 per mmBtu. To be precise, Vitol bid for Oct 7-8 cargo at $22.5866 per unit, $20.9466 for Oct 22-23, $18.9966 for Oct 27-28, $19.6966 per unit Nov 11-12 and $20.9266 for Nov 26-27 delivery window.
Although, it has not yet awarded two other cargoes but re-bidding for five cargoes meant the PLL authorities had made up mind to accept two bids for delivery on Oct 17 and Nov 16. Total was rated lowest evaluated bidder for its both bids at the rate of $17.1449 per mmBtu for delivery on Oct 17-18 and $17.5350 per mmBtu for Nov 16-17 delivery window.
The bids for four spot LNG deliveries in September accepted by the PLL ranged between $15.2 to $15.5 per mmBtu and at the time were the highest since the beginning of LNG imports in 2015.

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