State-owned Angola LNG has offered a cargo, which will load from its 5.2mn t/yr Soyo liquefaction facility, for 9-26 April delivery through a tender closing on 22 March.
The cargo, the volume of which is unclear, is being offered on a des basis to various destinations. It is expected to arrive in Europe and Canada during 14-21 April and can be delivered to as far as Pakistan and India over 17-21 April. Northeast and southeast Asia are excluded from the list of potential destinations.
The firm was last in the market to offer a cargo for late-March to late-April delivery from the Soyo liquefaction facility through a tender that closed on 15 March. But the results remain unclear.
This is Angola’s second tender for the month, adding to burgeoning supplies in the Asia-Pacific region.
Demand for prompt deliveries from south Asia has remained firm so far, especially for leftover cargoes following muted response from northeast Asian buyers and as prices dipped below $15/mn Btu. Market participants expect requirements to continue to emerge from the south Asia region if prices keep trending lower.
Uncertainty remained in Europe as of 16 March over the continuation of industrial action at France’s 12.4mn t/yr Dunkirk import terminal, which was set to end on 17 March. Industrial action at France’s three other LNG terminals has been extended to 21 March.
Continued disruption at the French terminals could see more diversions of LNG vessels to other European countries at a time when demand in Europe is likely to hold steady, market participants said.
European gas hub prices remained volatile on the back of the uncertainty. The April Dutch TTF contract price last settled at $14.015/mn Btu at close on 16 March, around 79¢/mn Btu higher than its close the previous day. This came after the contract saw losses totalling $3.211/mn Btu across 10-15 March.
Argus last assessed price for deliveries to India and the Middle East at $12.91/mn Btu for the front-half month on 16 March, slightly higher than Argus-assessed prices for deliveries to northwest Europe at $12.20/mn Btu on the same day.
Source : Argus Media