The Platts JKM for LNG cargoes for delivery in July closed at $5.45/MMBtu Friday, falling 15 cents/MMBtu on the week.
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After remaining at $5.60/MMBtu for three days, the July JKM lost ground as volumes started to emerge amid limited demand.
Buy indications were largely heard at $5.50/MMBtu earlier in the week but then fell, with the best bids heard at $5.40/MMBtu Friday. The competitive offers stuck at around $5.60/MMBtu but dipped to $5.50/MMBtu and above by the end of the week.
Papua New Guinea issued a tender offering a cargo for delivery into Japan, South Korea, Taiwan, China or India on July 10-18. Russia's Sakhalin was also heard to have extra volumes to offer for July and August deliveries.
Some prompt volumes also emerged with Nigeria and Angola launching supply tenders for June-loading cargoes. Nigeria was understood to be offering three June-loading cargoes while Angola's was a single-cargo tender.
Potential supply from Australia also weighed on the market as participants gauged the impact of the resumption of Gorgon Train 1 and the expected startup of the Wheatstone project.
On the demand side, only lingering July buying interest from South Korean buyers affected by lower coal-power generation and portfolio players trying to optimize trading positions were observed.
In South Korea, Posco was heard to have awarded its tender to buy a June 26-30 cargo to a trader, according to market sources.
The tender from Australia's APLNG terminal for a late-June or early-July delivered cargo was awarded at $5.50-45.60/MMBtu to a Chinese buyer, likely PetroChina, various sources said.
A decline in buying interest was seen in India where the Dabhol terminal was shut due to monsoon season and the Dahej terminal was heard to be close to tank-tops.
One of the few bright spots came as Argentina's Enarsa launched a buy tender seeking up to 16 cargoes over the July to October period for delivery into Escobar and Bahia Blanca terminals.
Market sources said this could provide support to the market in particular for cargoes delivery in August or September.
--Eriko Amaha, email@example.com
--Edited by Alisdair Bowles, firstname.lastname@example.org