Asian LNG Prices Plummet, Sparking Indian Buying Spree
Asian LNG prices have plummeted to their lowest point since May 2024, with shipments to India trading at around the low-$10 per million British thermal units range. This drop has sparked interest from Indian buyers, with several companies issuing tenders to capitalise on the favourable market conditions.
Indian Oil Corporation (IOC) recently released a tender to purchase LNG for delivery between late October and early November. This move follows a trend of decreasing deliveries to India this year, down approximately 9%. However, the recent surge in buying activity could potentially reverse this decline. Gujarat State Petroleum Corp. and GAIL India Ltd. are expected to follow suit with their own tenders.
The current low prices and weak demand in other markets have encouraged Indian LNG buyers to procure shipments. They are not only refilling storage but also catering to the rising demand from fertilizer producers.
The falling Asian LNG prices have opened up opportunities for Indian buyers, with several tenders already issued and more expected to follow. This increased buying activity could help stabilise India's LNG imports after a decrease earlier this year. The market awaits further developments as the situation unfolds.
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