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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 LNG seeks eight spot cargoes spread over Dec-Jan

Pakistan LNG Ltd has issued a spot buy tender for total eight cargos to meet its winter requirement partially. Spot cargoes sought by Pakistan LNG are spread over December and January- four each for December 2021 and January 2022.
Pakistan LNG seeks supply of spot cargoes for four delivery windows in December- 6-7, 10-11, 15-16, 26-27 December 2021 and for four windows in January – 14-15, 19-20, 24-25, 29-30 January of 2022. The PLL buy tender issued on Sep 11 will close on Oct 11. Winter buy tender will be opened on Oct 11 and bids will remain valid till Oct 26.
The spot cargoes will be supplied to Pakistan Gas Port Consortium Ltd (PGPCL) operated 170,000cbm floating storage regasification unit (FSRU) "BW Integrity", located at port Qasim.   
In its previous buy tender, Pakistan LNG had received offers in high $19 and mid $20 from Trafigura and PetroChina for delivery during respective windows, in October and November. Considering the current price trends in the spot LNG, Pakistan was unlikely to get offers at anything less than $22 for December and January windows. CME Japan Korea Marker (Platts) futures for December and January were traded in mid-$22 late last week. Pakistan LNG is already struggling to market high priced spot LNG purchased during recent months and mixed with LNG purchased under long term contracts for the end-users. Even an average price of around $15 of a mix of spot and term LNG is difficult to pass on for the bulk industrial consumers to their respective end-users. It is highly likely that Pakistan LNG will come up with a subsequent buy tender or renegotiate price with the successful lowest bidders.    

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