* Several cargoes trade below $3 per mmBtu – sources<\/p>\n
* Four Asia-bound LNG tankers divert destination – sources<\/p>\n
* Fifteen LNG tankers floating cargoes at sea – Kpler (Updates to add graphic)<\/p>\n
By Jessica Jaganathan<\/p>\n
SINGAPORE, Feb 14 (Reuters) – Falling demand from China drove Asian spot prices for prompt deliveries of liquefied natural gas (LNG) to new lows this week of around $2.70 per million British thermal units (mmBtu).<\/p>\n
China\u2019s transport, commercial and industrial sectors have all been affected by the fast-spreading coronavirus outbreak, traders said.<\/p>\n
The average LNG price for March delivery into northeast Asia LNG-AS fell to $2.70 per mmBtu this week, down 25 cents from the previous week, several industry sources said.<\/p>\n
Prices for cargoes delivered in April are estimated to be $2.80 per mmBtu, they added.<\/p>\n
Several cargoes exchanged hands this week at below $3 per mmBtu, traders said, indicating there was too much supply in the spot market.<\/p>\n
Russia\u2019s Sakhalin 2 plant has sold a cargo for loading on March 16 to Japan\u2019s Mitsui at $2.70 to $2.80 per mmBtu, industry sources said.<\/p>\n
Gail (India) bought a cargo for delivery into Dabhol, India, on a delivered ex-ship (DES) basis for Feb. 23 to 28 delivery at $2.40 to $2.50 per mmBtu, they said.<\/p>\n
It separately sold a cargo from the Cove Point plant in the United States on a delivered ex-ship basis into Europe for a February to March delivery, and likely did not award another cargo it had offered for loading in April from Cove Point, one of the sources said.<\/p>\n
India\u2019s Reliance bought a cargo for delivery into Hazira in March at $2.50 per mmBtu, the sources added.<\/p>\n
India\u2019s GSPC bought 7 cargoes for delivery over April to October at prices ranging from $2.50 to $3.30 per mmBtu, they said.<\/p>\n
The spot deals for February to March are the lowest the cargoes have ever traded, traders said.<\/p>\n
The coronavirus outbreak that started in China and has affected more than 60,000 people globally has had a wide impact on LNG demand which had already been depressed from mild weather.<\/p>\n
Four LNG tankers, including three Qatari vessels bound for North Asia, have changed destination or diverted after the coronavirus outbreak hit gas demand in China, sources said.<\/p>\n
In addition, 15 LNG tankers are also flagged as \u201cfloating storage\u201d globally, with 11 of them scattered across Asia, Rebecca Chia, LNG analyst with data intelligence firm Kpler told Reuters on Thursday.<\/p>\n
Traders appear to have shrugged off cargo loading disruptions in Western Australia after a powerful cyclone that swept across parts of the region last weekend.<\/p>\n
Supply was still ample with Angola LNG offering a cargo for March delivery, an industry source said. Colombia\u2019s Calamari LNG is seeking late February delivery while Thailand\u2019s PTT is seeking up to 2 cargoes, industry sources said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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