BP accuses US LNG firm Venture Global in FERC filing of withholding cargoes and undermining the industry
UK major BP filed a complaint with the US Federal Energy Regulatory Commission against LNG developer Venture Global claiming the Arlington, Virginia-based company was “illegally withholding information” about delays in delivering LNG from its Calcasieu Pass export plant in Louisiana.
Asian LNG prices rise for March-April while European values rebound as Dutch need more Groningen gas
North Asian spot LNG cargo futures prices increased markedly for March and April deliveries while European benchmarks moved higher again as the Netherlands prepares to increase Groningen gas field output, while crude oil prices hit seven-week highs.
Asian and European LNG values stay at sky-high levels but some steam runs out as prices drop 12 percent
Some of the steam has run out of the global LNG price surge as natural gas benchmarks dropped by 12 percent and more across the board for Europe and North Asia while remaining at sky-high seasonal levels as LNG cargo liftings were stable.
North West Shelf LNG export project in Western Australia could have 7 million tonnes of spare capacity
UK energy consultants Wood Mackenzie said that the North West Shelf LNG export project in Western Australia, operated by Woodside Petroleum, could have up to 7 million tonnes per annum of spare capacity available by 2027.
Japanese delivered spot cargoes drop in value by $2.90 per MMBtu over the past year
Japanese spot LNG prices for delivered cargoes in April 2020 averaged $3.00 per million British thermal units compared with $5.90 per MMBtu in the same month of 2019 amid the current over-supply and the commercial effects of Covid-19.
The prices are issued by the Japanese Ministry of Economy, Trade and Industry and no spot delivered prices had been given for March 2020 because the minimum number of cargoes were not received for an assessment to be made.
Spot cargoes contrcated in April but not yet delievered were priced for Japan at $2.40 per MMBtu, down from $3.40 per MMBtu in March 2020 and from $5.20 per MMBtu in April 2019, according to the Ministry.
The monthly spot cargo numbers come from the Ministry’s commerce division and are only issued if a minimum number of two trades are recorded.
Overall Japanese LNG imports, declined in March while prices were 13.5 percent lower than a year ago as Australian cargoes increased and Middle East shipments fell.
Japan imported 7.20 million tonnes in March, down 1.2 percent from the 7.29MT received in March 2019.
The volumes amounted to around 100 cargoes. The nation had imported 6.60MT of LNG in February 2020, down 9.6 percent.
The March shipments cost the nation 384.64 billion yen ($3.56 Bln), down from the March 2019 import bill of $444.66Bln yen ($4.12Bln), according to the monthly figures from the Japanese Finance Ministry.
One of the main competitor fuels for power generation, thermal coal, posted a 3.4 percent increase in shipments in March amid the LNG decline.
For the fiscal year, April 2019 to March 2020, the Ministry said LNG imports for the 12 months came to 76.50MT, down 5 percent.
The country’s imports of LNG fell for the whole of last year were 77.32MT, which was 6.7 percent lower than the 82.85MT of shipments that arrived in 2018.
LNG cargo averages jump with North Asia deliveries breaking $6.60 per MMBtu level
Singapore LNG spot forward cargo prices jumped by as much as 25 percent in the past week as demand improved in Asia and December quotes appeared for shipments for China and South Korea at US$6.650 per million British thermal units.
