LNG deliveries were heading for the largest importers Japan, China and South Korea as well as the European destinations like the UK amid a two-year deal concluded by oil producers to cut output by 9.7 million barrels per day.
Chinese LNG terminals on the coast have returned to normal working and shipments will rise in the weeks ahead.
There was also a continuing flow of Australian long-term contract shipments heading for Japan and Middle East cargoes for South Korea.
Current suppliers to the Atlantic market in the days ahead include Qatar and all the main US export plants as well as Trinidad in the Caribbean.
North Sea Brent crude prices were still lacklustre at around $32 per barrel on April 13 after falling to 20-year lows of just over $20 per barrel in mid-March from $70 per barrel in January 2020.
The Organization of Petroleum Exporting Countries plus Russia held a series of video-conferences over four days during the Easter holiday to secure a deal to reduce production by almost 10 million barrels per day.
However, analysts said the lack of an oil price jump in early Asian crude markets suggested the oil output cuts were not enough in the current crisis.
OPEC was forced into action after the near month-long price war between OPEC's leading member Saudi Arabia and production rival Russia had failed to envisage the huge impact of the coronavirus on the global economy.
The OPEC production cuts by 23 oil nations are expected to be for about two years, though more may still be needed.
Four Qatargas LNG carriers are, meanwhile, heading for the UK with shipments and arrivals are scheduled for, April 15, April 18 and April 19.
The 216,000 cubic metres capacity carrier “Al Ghashamiya” is scheduled to arrive at the UK South Hook terminal in the port of Milford Haven on April 18 from Ras Laffan, the UK port authorities said.
Another Q-Flex vessel, the “Al Utouriya”, is expected to berth on April 19 at Milford Haven’s Dragon LNG terminal to discharge a Qatargas cargo.
The 210,100 cubic metres capacity carrier “Murwab” is expected at South Hook on the same day with more Ras Laffan volumes for the UK. The Q-Flex “Al Khattiya”, will deliver to South Hook on April 15.
LNG carriers also continuing to load in the Atlantic Basin at Cheniere Energy’s Sabine Pass plant in Louisiana.
They included the 155,000 cubic metres capacity carrier “Golar Seal”, now headed for the Revithoussa terminal in Greece with arrival by around April 21.
The 155,000 cubic metres capacity vessel “British Emerald” is scheduled to discharge a shipment on April 22 at the Turkish Aliaga terminal.
The 162,000 cubic metres capacity vessel “Adam LNG” loaded a cargo at the Cove Point plant in Maryland and is scheduled to deliver on April 17 to the Sines terminal in Portugal.
The “Diamond Gas Orchid”, with 150,000 cubic metres capacity, is scheduled to arrive on April 18 at the US Cameron LNG plant near Lake Charles to lift a cargo.
Atlantic Basin LNG price indicators were still flat and under $2.50 per million British thermal units. The UK National Balancing Point natural gas price was at the equivalent of $2.10 per MMBtu.
The main Continental European price, the Dutch Title Transfer Facility (TTF), was at the equivalent of $2.35 per MMBtu.
The New York Mercantile Exchange front-month US Henry Hub futures price lower at around $1.77 per MMBtu.
There were about 98 LNG cargo liftings at global plants in the past week, amounting to 6.84 million tonnes compared with 101 cargoes in the previous week.
Total LNG cargo volumes in transit amount to more than 16MT, according to shipping data.
The 150,000 cubic metres capacity vessel “Energy Confidence” is due at Darwin in Australia's Northern Territory on April 15 after delivering to the PetroChina-operated Tangshan terminal in northeast Hebei province.
“Flex Endeavour”, with 173,400 cubic metres capacity, is scheduled to arrive on April 15 at Chevron’s Wheatstone export plant in Western Australia after delivering to Taiwan.
That’s as Japan-Korea Marker (Platts) spot values were also still low.
Shipments for southeast Asia and North Asia were quoted at $2.805 per MMBtu for May compared with $2.970 per MMBtu last week and $5.25 per MMBtu in November 2019.
The spot price for June was quoted at $2.650 per MMBtu versus $2.810 per MMBtu a week ago.
The pace of deliveries is picking up for East of Suez, particularly from the Middle East.
The vessels heading for Asia are carrying shipments from nations such as Qatar and Oman as well as US and West African plants.
In the spot shipping charter market, LNG carrier spot rates are firm.
Rates were quoted at an average of between $56,000 per day and $50,000 per day West of Suez and $48,000 per day and $42,000 per day East of Suez for vessels of between 155,000-165,000 cubic metres capacity, according to various brokers.
One-year time charters have dropped for vessels of between 155,000-160,000 cubic metres capacity and are now seen at around $52,000 per day.
