S&P Global Platts assessed the October JKM for LNG cargoes at $6.425/MMBtu Friday, up 27.5 cents/MMBtu week on week, on South Korean demand for deliveries in H2 October, ahead of a relatively strong contango into early winter H1 November.
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October demand has been underpinned by buying interest from end-users in South Korea and China for late October cargoes. South Korean buyer SK was heard to be seeking a late-October cargo with a narrow delivery window.
Korea Midland Power and Posco were also seeking a cargo to be delivered between October 23 and October 25 via a tender for delivery into Gwangyang.
Pricing uncertainty for winter cargoes and the volatility in UK NBP hub prices has led to spot trade negotiations for November cargoes largely being sluggish.
However, bullish sentiment has been building for November trading with current oil-slope equivalent levels around the 13% mark on the back of stronger offer levels.
Russia's Sakhalin facility awarded its October 26 and November 3 loading cargoes late last week, with sources indicating cargoes were awarded at around $6.50-$6.70/MMBtu.
Sakhalin further issued a tender on Friday offering two November loading cargoes. The tender closes September 14, with bids valid until September 16.
Taiwan's CPC closed a tender on Wednesday seeking an unspecified quantity of January cargoes and was thought to have awarded the tender, which will be an early benchmark indication for January.
Indian Oil Corp has a tender seeking November 16 delivery closing on September 19 with validity until September 22.
Petronas was heard to be marketing one Bintulu cargo for end of September loading, according to two end-users.
Over in the Atlantic, the anticipated resumption of loadings from the US Sabine Pass LNG facility following Hurricane Harvey could ease concerns for cargo replacements.
Feedgas flow for the plant has begun to recover as nominations at the Sabine Pass reached 1.19 Bcf/day, compared to an average of 0.48 Bcf/day over the past seven days.
Meanwhile, Angola LNG issued two sell tenders on Wednesday.
Elsewhere, Brazil's Petrobras was heard to be in the market for prompt loading cargoes as country draws to the end of its dry season in November.
In Australia, Gladstone LNG is redirecting 30 petajoules of its export gas to the domestic market as worries of a shortfall in gas on the east coast loom.
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