LNG

The US-Iran memorandum has been signed by both presidents, ahead of Friday's scheduled ceremony, and commits Iran to clearing Hormuz of mines within 30 days. Yet ADNOC's carriers are holding back: four sit dark off Khor Fakkan, home from earlier delivery runs, even as Qatar's Disha ran the strait in the open just as the deal broke.

Tehran will reopen the Strait of Hormuz immediately after the US and Iran signed a memorandum to end the conflict in Versailles late on June 17 – earlier than planned. Oil and gas prices fell sharply on the news, and LNG benchmarks trimmed the geopolitical risk premium that has buoyed them since the conflict intensified.

Indonesia and Japan will discuss LNG imports when Indonesia’s President Susilo Bambang Yudhoyono visits Tokyo, with state-owned energy company Pertamina planning to cut annual exports by as much as 60 percent when some contracts expire in 2010.